Fifth Third Bancorp Increases Stake in nCino Inc. $NCNO

Key Points

• Fifth Third Bancorp massively increased its stake in nCino during the first quarter, ending with 341,665 shares valued at about $5.1 million.
• Institutional ownership of nCino remains very high at 94.76%, and several other hedge funds also boosted or initiated positions in the stock.
• Insiders sold shares in May, including April Rieger and CFO Gregory Orenstein, while analysts currently rate nCino a Moderate Buy with an average price target of $25.29.

Fifth Third Bancorp raised its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 43,148.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 341,665 shares of the company's stock after acquiring an additional 340,875 shares during the period. Fifth Third Bancorp owned approximately 0.31% of nCino worth $5,118,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NCNO. Bank of America Corp DE lifted 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 worth $68,146,000 after purchasing an additional 2,076,579 shares in the last quarter. Millennium Management LLC lifted its position in shares of nCino by 262.8% during the fourth quarter. Millennium Management LLC now owns 2,341,532 shares of the company's stock worth $60,037,000 after purchasing an additional 1,696,051 shares during the last quarter. Senvest Management LLC increased its holdings in shares of nCino by 68.6% in the 4th quarter. Senvest Management LLC now owns 4,078,276 shares of the company's stock valued at $104,567,000 after acquiring an additional 1,658,868 shares during the last quarter. Wellington Management Group LLP bought a new stake in nCino during the third quarter valued at $36,962,000. Finally, Ophir Asset Management Pty Ltd bought a new position in nCino in the fourth quarter worth about $33,985,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Insider Transactions at nCino

In other news, insider April Rieger sold 9,693 shares of the firm's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $174,667.86. Following the transaction, the insider owned 383,601 shares in the company, valued at approximately $6,912,490.02. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Orenstein sold 14,650 shares of the firm's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $263,993.00. Following the completion of the transaction, the chief financial officer owned 702,293 shares in the company, valued at $12,655,319.86. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 119,964 shares of company stock valued at $2,143,529. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

NCNO has been the topic of a number of recent research reports. Wall Street Zen upgraded nCino from a "hold" rating to a "buy" rating in a research note on Saturday, April 4th. Zacks Research raised shares of nCino from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 31st. Stephens cut their price target on nCino from $34.00 to $26.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Truist Financial reduced their price objective on nCino from $27.00 to $19.00 and set a "hold" rating for the company in a research report on Wednesday, April 1st. Finally, Robert W. Baird lowered their target price on nCino from $34.00 to $24.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 31st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.29.

nCino Stock Down 1.7%

Shares of NASDAQ:NCNO opened at $17.85 on Friday. The firm has a 50 day simple moving average of $15.99 and a 200 day simple moving average of $17.82. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $1.96 billion, a PE ratio of 148.75 and a beta of 0.68. nCino Inc. has a 52 week low of $13.80 and a 52 week high of $33.92.

About nCino

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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