Fred Alger Management LLC Has $38.11 Million Stake in nCino Inc. $NCNO

Key Points

• Fred Alger Management LLC boosted its stake in nCino by 49.3% in the fourth quarter, ending with 1.49 million shares worth about $38.1 million, or 1.3% of the company.
• nCino reported better-than-expected quarterly results, posting EPS of $0.37 versus the $0.21 estimate and revenue of $149.67 million, up 5.9% year over year.
• Despite the earnings beat, the stock traded around $14.86, near its 52-week low of $13.80, while analysts still hold a Moderate Buy consensus with a $25.21 target price.

Fred Alger Management LLC increased its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 49.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,486,337 shares of the company's stock after buying an additional 490,644 shares during the period. Fred Alger Management LLC owned 1.30% of nCino worth $38,110,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. FNY Investment Advisers LLC increased its holdings in nCino by 15.9% during the fourth quarter. FNY Investment Advisers LLC now owns 3,228 shares of the company's stock worth $82,000 after buying an additional 444 shares during the last quarter. US Bancorp DE increased its holdings in nCino by 1.6% during the third quarter. US Bancorp DE now owns 32,042 shares of the company's stock worth $869,000 after buying an additional 501 shares during the last quarter. Lecap Asset Management Ltd. increased its holdings in shares of nCino by 2.3% in the fourth quarter. Lecap Asset Management Ltd. now owns 31,163 shares of the company's stock valued at $799,000 after purchasing an additional 691 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of nCino by 76.2% in the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company's stock valued at $43,000 after purchasing an additional 722 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of nCino by 1.2% in the third quarter. Captrust Financial Advisors now owns 62,747 shares of the company's stock valued at $1,701,000 after purchasing an additional 743 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

nCino Trading Up 0.8%

NCNO stock opened at $14.86 on Wednesday. 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's 50-day simple moving average is $16.55 and its 200 day simple moving average is $19.17. nCino Inc. has a 52 week low of $13.80 and a 52 week high of $33.92. The company has a market capitalization of $1.63 billion, a PE ratio of 123.83 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.21 by $0.16. nCino had a net margin of 2.17% and a return on equity of 6.85%. The business had revenue of $149.67 million for the quarter, compared to the consensus estimate of $147.41 million. During the same period in the prior year, the company posted $0.12 earnings per share. nCino's revenue was up 5.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that nCino Inc. will post 0.68 earnings per share for the current year.

Insider Buying and Selling at nCino

In related news, CEO Sean Desmond sold 22,073 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $397,755.46. Following the transaction, the chief executive officer directly owned 1,271,016 shares in the company, valued at approximately $22,903,708.32. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 9,693 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $174,667.86. Following the completion of the transaction, the insider owned 383,601 shares in the company, valued at $6,912,490.02. This trade represents a 2.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 172,982 shares of company stock valued at $3,032,059. 1.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays raised their target price on shares of nCino from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 1st. JPMorgan Chase & Co. cut their target price on shares of nCino from $30.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, February 18th. Weiss Ratings upgraded shares of nCino from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, May 28th. Wall Street Zen upgraded shares of nCino from a "hold" rating to a "buy" rating in a research note on Saturday, April 4th. Finally, Zacks Research upgraded shares of nCino from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, nCino has a consensus rating of "Moderate Buy" and a consensus target price of $25.21.

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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