Comerica Bank Buys 111,182 Shares of nCino Inc. $NCNO

Key Points

• Comerica Bank increased its stake in nCino by 49.2%, buying 111,182 shares to hold 337,231 shares (~0.29% ownership) valued at about $8.65 million at quarter-end.
• Quarterly results beat estimates: nCino reported EPS of $0.37 vs. $0.21 expected and revenue of $149.67M (up 5.9% YoY), and the stock carries a MarketBeat consensus of "Moderate Buy" with an average target of $26.07 despite several price-target cuts.
• Insider and institutional activity: insiders sold 123,554 shares (~$2.20M) in the past 90 days (including CEO and SVP sales) and now own 5.70% of the stock, while institutional investors hold 94.76%.

Comerica Bank boosted its stake in nCino Inc. (NASDAQ:NCNO - Free Report) by 49.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 337,231 shares of the company's stock after purchasing an additional 111,182 shares during the period. Comerica Bank owned about 0.29% of nCino worth $8,647,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of NCNO. Bank of America Corp DE raised its stake in shares of nCino by 475.1% during the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company's stock valued at $68,146,000 after acquiring an additional 2,076,579 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of nCino during the third quarter valued at $36,962,000. Marshall Wace LLP raised its stake in shares of nCino by 687.3% during the third quarter. Marshall Wace LLP now owns 1,171,749 shares of the company's stock valued at $31,766,000 after acquiring an additional 1,022,911 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of nCino during the second quarter valued at $26,238,000. Finally, Azora Capital LP raised its stake in shares of nCino by 102.6% during the third quarter. Azora Capital LP now owns 1,144,472 shares of the company's stock valued at $31,027,000 after acquiring an additional 579,680 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

nCino Trading Up 0.3%

NCNO opened at $17.46 on Thursday. nCino Inc. has a twelve month low of $13.80 and a twelve month high of $33.92. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.25. The company has a fifty day moving average of $16.42 and a 200-day moving average of $21.34. The stock has a market cap of $2.00 billion, a PE ratio of 349.20, a price-to-earnings-growth ratio of 7.88 and a beta of 0.61.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.16. nCino had a net margin of 0.87% and a return on equity of 4.75%. The company had revenue of $149.67 million during the quarter, compared to analysts' expectations of $147.41 million. During the same period in the prior year, the company posted $0.12 earnings per share. nCino's revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts predict that nCino Inc. will post 0.52 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NCNO. Keefe, Bruyette & Woods dropped their price target on shares of nCino from $36.00 to $24.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Piper Sandler raised shares of nCino from a "neutral" rating to an "overweight" rating and dropped their price target for the company from $30.00 to $22.00 in a research note on Wednesday, April 1st. Stephens dropped their price target on shares of nCino from $34.00 to $26.00 and set an "overweight" rating for the company in a research note on Wednesday, April 1st. Morgan Stanley dropped their price target on shares of nCino from $36.00 to $21.00 and set an "overweight" rating for the company in a research note on Monday, March 30th. Finally, Barclays raised their price target on shares of nCino from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $26.07.

Insider Activity at nCino

In other news, SVP Jeanette Sellers sold 1,873 shares of the stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $17.55, for a total transaction of $32,871.15. Following the completion of the sale, the senior vice president directly owned 40,611 shares in the company, valued at $712,723.05. This represents a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sean Desmond sold 15,440 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $17.06, for a total transaction of $263,406.40. Following the sale, the chief executive officer owned 589,428 shares of the company's stock, valued at approximately $10,055,641.68. This trade represents a 2.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 123,554 shares of company stock valued at $2,195,469 over the last 90 days. 5.70% of the stock is owned by company insiders.

nCino Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.

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