Envestnet Asset Management Inc. Lowers Stock Holdings in nCino Inc. (NASDAQ:NCNO)

Envestnet Asset Management Inc. lessened its position in nCino Inc. (NASDAQ:NCNO - Free Report) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 364,577 shares of the company's stock after selling 20,858 shares during the quarter. Envestnet Asset Management Inc. owned 0.31% of nCino worth $10,015,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Johnson Financial Group Inc. bought a new position in nCino in the fourth quarter valued at $57,000. First Horizon Advisors Inc. increased its stake in nCino by 22.5% in the first quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock valued at $80,000 after acquiring an additional 538 shares during the last quarter. FNY Investment Advisers LLC bought a new position in nCino in the first quarter valued at $82,000. Asset Management One Co. Ltd. increased its stake in nCino by 63.1% in the first quarter. Asset Management One Co. Ltd. now owns 3,718 shares of the company's stock valued at $102,000 after acquiring an additional 1,439 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after acquiring an additional 1,122 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

Insider Activity

In other news, CFO Gregory Orenstein sold 10,343 shares of nCino stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $237,889.00. Following the completion of the transaction, the chief financial officer directly owned 470,254 shares in the company, valued at approximately $10,815,842. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pierre Naude sold 30,745 shares of nCino stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $707,135.00. Following the transaction, the director owned 1,197,120 shares of the company's stock, valued at $27,533,760. The trade was a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,049 shares of company stock worth $1,449,672. Company insiders own 5.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Raymond James Financial reduced their price objective on nCino from $42.00 to $32.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Truist Financial raised their price objective on nCino from $21.00 to $27.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. Piper Sandler reaffirmed a "neutral" rating and set a $28.00 price objective (up from $25.00) on shares of nCino in a research note on Thursday, May 29th. Barclays reaffirmed an "overweight" rating and set a $31.00 price objective (up from $24.00) on shares of nCino in a research note on Thursday, May 29th. Finally, JMP Securities raised their price objective on nCino from $32.00 to $35.00 and gave the company a "market outperform" rating in a research note on Monday, June 9th. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, nCino has a consensus rating of "Moderate Buy" and an average target price of $30.94.

nCino Stock Down 1.1%

Shares of NCNO stock traded down $0.33 during midday trading on Thursday, reaching $30.66. 1,134,004 shares of the stock were exchanged, compared to its average volume of 1,494,938. nCino Inc. has a 1 year low of $18.75 and a 1 year high of $43.20. The company's 50 day moving average is $27.73 and its two-hundred day moving average is $28.29. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.24. The firm has a market cap of $3.55 billion, a PE ratio of -117.92, a price-to-earnings-growth ratio of 30.87 and a beta of 0.77.

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

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

nCino Company Profile

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.