Envestnet Asset Management Inc. Sells 20,858 Shares of nCino Inc. (NASDAQ:NCNO)

Envestnet Asset Management Inc. lowered its position in nCino Inc. (NASDAQ:NCNO - Free Report) by 5.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 364,577 shares of the company's stock after selling 20,858 shares during the period. Envestnet Asset Management Inc. owned 0.31% of nCino worth $10,015,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of nCino by 7.2% in the 1st quarter. Bank of New York Mellon Corp now owns 573,548 shares of the company's stock worth $15,755,000 after acquiring an additional 38,573 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of nCino in the 1st quarter worth approximately $394,000. First Horizon Advisors Inc. raised its position in shares of nCino by 22.5% in the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock worth $80,000 after acquiring an additional 538 shares in the last quarter. Peregrine Capital Management LLC raised its position in shares of nCino by 3.3% in the 1st quarter. Peregrine Capital Management LLC now owns 289,168 shares of the company's stock worth $7,943,000 after acquiring an additional 9,283 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of nCino by 2,448.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,246 shares of the company's stock worth $281,000 after acquiring an additional 9,844 shares in the last quarter. Institutional investors own 94.76% of the company's stock.

Insider Transactions at nCino

In other news, Director Pierre Naude sold 30,745 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $707,135.00. Following the transaction, the director directly owned 1,197,120 shares in the company, valued at $27,533,760. This trade represents a 2.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sean Desmond sold 12,339 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $283,797.00. Following the completion of the transaction, the chief executive officer owned 637,405 shares in the company, valued at approximately $14,660,315. This trade represents a 1.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders 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

Several research analysts have recently issued reports on NCNO shares. Robert W. Baird raised nCino from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $30.00 to $38.00 in a research report on Monday, July 14th. Morgan Stanley increased their target price on nCino from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Citigroup reaffirmed an "outperform" rating on shares of nCino in a research report on Monday, June 9th. Bank of America raised their price objective on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday, April 10th. Finally, Barclays reaffirmed an "overweight" rating and set a $31.00 price objective (up previously from $24.00) on shares of nCino in a research report on Thursday, May 29th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.69.

nCino Stock Performance

Shares of NCNO opened at $30.61 on Monday. The business's fifty day simple moving average is $27.20 and its two-hundred day simple moving average is $28.30. 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 12 month low of $18.75 and a 12 month high of $43.20. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -117.73, a P/E/G ratio of 31.46 and a beta of 0.77.

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

nCino declared that its Board of Directors has approved a share buyback program on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.

nCino 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.

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