Hawk Ridge Capital Management LP Grows Stock Position in nCino Inc. $NCNO

Key Points

• Hawk Ridge Capital Management increased its nCino stake by 625.4% in the first quarter, holding 4.48 million shares worth approximately $67.1 million, or 4.12% of the company.
• Institutional investors and hedge funds own 94.76% of nCino’s shares, while the stock recently traded at $17.65. Analysts maintain a “Moderate Buy” consensus with an average price target of $25.29.
• nCino insiders sold shares primarily to cover tax obligations tied to equity awards; insiders sold 119,964 shares worth about $2.14 million over the past 90 days.

Hawk Ridge Capital Management LP lifted its stake in nCino Inc. (NASDAQ:NCNO - Free Report) by 625.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,481,810 shares of the company's stock after buying an additional 3,864,010 shares during the quarter. nCino makes up 2.4% of Hawk Ridge Capital Management LP's holdings, making the stock its 16th largest position. Hawk Ridge Capital Management LP owned about 4.12% of nCino worth $67,138,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Millennium Management LLC lifted its stake in shares of nCino by 16.6% in the 1st quarter. Millennium Management LLC now owns 303,853 shares of the company's stock valued at $8,347,000 after purchasing an additional 43,247 shares during the period. Woodline Partners LP grew its position in shares of nCino by 105.3% during the 1st quarter. Woodline Partners LP now owns 13,227 shares of the company's stock valued at $363,000 after acquiring an additional 6,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of nCino by 16.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company's stock valued at $7,731,000 after purchasing an additional 39,345 shares in the last quarter. Prudential Financial Inc. acquired a new position in nCino in the 2nd quarter worth about $208,000. Finally, Marshall Wace LLP acquired a new position in nCino in the 2nd quarter worth about $4,163,000. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Price Performance

Shares of NCNO opened at $17.65 on Tuesday. The firm has a 50-day simple moving average of $16.18 and a two-hundred day simple moving average of $17.42. The stock has a market cap of $1.93 billion, a PE ratio of 147.08 and a beta of 0.68. nCino Inc. has a 1-year low of $13.80 and a 1-year high of $33.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Wall Street Analysts Forecast Growth

NCNO has been the subject of several research analyst reports. Weiss Ratings raised nCino from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, May 28th. Wall Street Zen raised shares of nCino from a "hold" rating to a "buy" rating in a research note on Saturday, April 4th. Citigroup reissued a "market outperform" rating on shares of nCino in a research note on Monday, June 22nd. Stephens decreased their target price on shares of nCino from $34.00 to $26.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Finally, The Goldman Sachs Group dropped their target price on nCino from $24.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Two equities research 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 issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $25.29.

Insider Activity at nCino

In other news, CEO Sean Desmond sold 22,073 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $18.02, for a total transaction of $397,755.46. Following the completion of the transaction, the chief executive officer directly owned 1,271,016 shares in the company, valued at $22,903,708.32. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $263,993.00. Following the completion of the sale, the chief financial officer owned 702,293 shares in the company, valued at $12,655,319.86. This represents a 2.04% decrease in their position. 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. Insiders sold 119,964 shares of company stock valued at $2,143,529 over the last ninety days. 1.90% of the stock is owned by insiders.

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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