Hsbc Holdings PLC Acquires New Holdings in nCino Inc. $NCNO

Key Points

• HSBC Holdings PLC opened a new position in nCino during the fourth quarter, buying 154,173 shares worth about $3.98 million.
• Several other institutional investors also increased their stakes, and 94.76% of nCino’s stock is now held by institutional investors and hedge funds.
• There was notable insider selling: Director Pierre Naude and CEO Sean Desmond both sold shares on May 4 to cover tax withholding obligations tied to equity awards.

Hsbc Holdings PLC bought a new position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 154,173 shares of the company's stock, valued at approximately $3,982,000. Hsbc Holdings PLC owned 0.13% of nCino at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its stake in shares of nCino by 66.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 383,812 shares of the company's stock valued at $9,841,000 after acquiring an additional 153,162 shares during the last quarter. Alpine Global Management LLC bought a new stake in shares of nCino in the fourth quarter worth $206,000. Invesco Ltd. increased its holdings in nCino by 13.6% in the fourth quarter. Invesco Ltd. now owns 168,339 shares of the company's stock valued at $4,316,000 after purchasing an additional 20,102 shares during the period. XTX Topco Ltd increased its holdings in nCino by 68.1% in the fourth quarter. XTX Topco Ltd now owns 82,508 shares of the company's stock valued at $2,116,000 after purchasing an additional 33,418 shares during the period. Finally, Voloridge Investment Management LLC lifted its holdings in nCino by 92.6% during the 4th quarter. Voloridge Investment Management LLC now owns 474,970 shares of the company's stock worth $12,178,000 after buying an additional 228,301 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at nCino

In other nCino news, Director Pierre Naude sold 35,650 shares of nCino stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $642,413.00. Following the completion of the sale, the director directly owned 1,108,473 shares of the company's stock, valued at approximately $19,974,683.46. The trade was a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 transaction of $397,755.46. Following the transaction, the chief executive officer owned 1,271,016 shares in the company, valued at $22,903,708.32. This represents a 1.71% decrease in their position. 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. Insiders have sold 121,837 shares of company stock worth $2,176,400 over the last ninety days. 1.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NCNO. Truist Financial decreased their price target on nCino from $27.00 to $19.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. Citizens Jmp reduced their target price on nCino from $32.00 to $23.00 and set a "market outperform" rating on the stock in a report on Monday, May 18th. Piper Sandler upgraded shares of nCino from a "neutral" rating to an "overweight" rating and lowered their price target for the stock from $30.00 to $22.00 in a report on Wednesday, April 1st. Barclays upped their price objective on shares of nCino from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, April 1st. Finally, Morgan Stanley decreased their price objective on shares of nCino from $36.00 to $21.00 and set an "overweight" rating for the company in a research report on Monday, March 30th. 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 given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $25.29.

nCino Price Performance

Shares of NCNO opened at $16.98 on Friday. The firm has a market cap of $1.86 billion, a PE ratio of 141.50 and a beta of 0.68. nCino Inc. has a 52-week low of $13.80 and a 52-week high of $33.92. The business's 50 day moving average price is $15.99 and its two-hundred day moving average price is $18.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.