Jennison Associates LLC Has $9.93 Million Position in nCino Inc. (NASDAQ:NCNO)

Jennison Associates LLC reduced its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 36.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 361,557 shares of the company's stock after selling 211,535 shares during the quarter. Jennison Associates LLC owned 0.31% of nCino worth $9,932,000 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 NCNO. Victory Capital Management Inc. boosted its stake in shares of nCino by 2.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock valued at $407,000 after purchasing an additional 340 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock worth $152,000 after purchasing an additional 1,122 shares during the last quarter. HighTower Advisors LLC raised its holdings in nCino by 4.2% during the 4th quarter. HighTower Advisors LLC now owns 17,620 shares of the company's stock worth $592,000 after purchasing an additional 714 shares during the last quarter. Swiss National Bank increased its stake in shares of nCino by 7.9% in the 4th quarter. Swiss National Bank now owns 181,800 shares of the company's stock valued at $6,105,000 after acquiring an additional 13,300 shares in the last quarter. Finally, Natixis Advisors LLC increased its stake in shares of nCino by 88.1% in the 4th quarter. Natixis Advisors LLC now owns 27,676 shares of the company's stock valued at $929,000 after acquiring an additional 12,965 shares in the last quarter. 94.76% of the stock is owned by institutional investors.

nCino Price Performance

Shares of NCNO stock traded up $0.40 during trading on Tuesday, hitting $31.23. The company had a trading volume of 1,432,105 shares, compared to its average volume of 1,566,960. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $3.62 billion, a P/E ratio of -120.12, a price-to-earnings-growth ratio of 31.46 and a beta of 0.77. The stock's 50-day moving average price is $27.20 and its 200 day moving average price is $28.30. nCino Inc. has a one year low of $18.75 and a one year high of $43.20.

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

nCino announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at nCino

In related news, CFO Gregory Orenstein sold 10,343 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $237,889.00. Following the completion of the transaction, the chief financial officer owned 470,254 shares of the company's stock, valued at $10,815,842. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider April Rieger sold 6,589 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $151,547.00. Following the sale, the insider owned 243,551 shares in the company, valued at approximately $5,601,673. This represents a 2.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,049 shares of company stock worth $1,449,672. Insiders own 5.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. began coverage on shares of nCino in a report on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price objective on the stock. Scotiabank restated a "sector perform" rating and issued a $26.00 target price (up previously from $19.00) on shares of nCino in a report on Wednesday, May 21st. Keefe, Bruyette & Woods raised their price target on nCino from $28.00 to $33.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Piper Sandler reissued a "neutral" rating and set a $28.00 price objective (up previously from $25.00) on shares of nCino in a research report on Thursday, May 29th. Finally, 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. Ten 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 data from MarketBeat.com, nCino presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.94.

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.