Edgestream Partners L.P. Boosts Stock Position in nCino Inc. (NASDAQ:NCNO)

Edgestream Partners L.P. grew its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 149.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 292,026 shares of the company's stock after acquiring an additional 175,092 shares during the quarter. Edgestream Partners L.P. owned about 0.25% of nCino worth $8,022,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in nCino by 2.9% during the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock worth $407,000 after buying an additional 340 shares during the period. First Horizon Advisors Inc. boosted its stake in nCino by 22.5% during the first quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock worth $80,000 after buying an additional 538 shares during the period. Sterling Capital Management LLC boosted its stake in nCino by 1.2% during the fourth quarter. Sterling Capital Management LLC now owns 48,945 shares of the company's stock worth $1,644,000 after buying an additional 583 shares during the period. Treasurer of the State of North Carolina boosted its stake in nCino by 1.7% during the fourth quarter. Treasurer of the State of North Carolina now owns 36,676 shares of the company's stock worth $1,232,000 after buying an additional 620 shares during the period. Finally, Xponance Inc. boosted its stake in nCino by 7.9% during the first quarter. Xponance Inc. now owns 8,954 shares of the company's stock worth $246,000 after buying an additional 656 shares during the period. 94.76% of the stock is currently owned by institutional investors.

Insider Activity

In other nCino news, CEO Sean Desmond sold 12,339 shares of nCino stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $283,797.00. Following the transaction, the chief executive officer owned 637,405 shares in the company, valued at $14,660,315. The trade was a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeanette Sellers sold 2,167 shares of nCino stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $22.79, for a total value of $49,385.93. Following the completion of the transaction, the vice president owned 27,108 shares in the company, valued at $617,791.32. This trade represents a 7.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,049 shares of company stock valued at $1,449,672. Company insiders own 5.70% of the company's stock.

nCino Stock Up 2.2%

Shares of nCino stock traded up $0.65 during trading on Thursday, hitting $30.69. 2,518,403 shares of the stock traded hands, compared to its average volume of 1,566,448. The firm has a market cap of $3.56 billion, a P/E ratio of -118.04, a price-to-earnings-growth ratio of 30.87 and a beta of 0.77. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.24. nCino Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The stock's fifty day simple moving average is $27.07 and its 200 day simple moving average is $28.39.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. The firm had revenue of $144.14 million for the quarter, compared to analyst estimates of $139.77 million. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. On average, equities analysts predict that nCino Inc. will post 0.12 earnings per share for the current fiscal year.

nCino declared that its board has initiated a stock repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have commented on NCNO. Citigroup reaffirmed an "outperform" rating on shares of nCino in a research note on Monday, June 9th. Keefe, Bruyette & Woods lifted their price objective on shares of nCino from $28.00 to $33.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. JPMorgan Chase & Co. assumed coverage on nCino in a research note on Wednesday, June 18th. They issued a "neutral" rating and a $30.00 target price on the stock. The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and lowered their target price for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Finally, Robert W. Baird raised shares of nCino from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $30.00 to $38.00 in a research note on Monday. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, nCino currently has an average rating of "Moderate Buy" and an average price target of $30.69.

About nCino

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.