Jennison Associates LLC Lowers Holdings in nCino Inc. (NASDAQ:NCNO)

Jennison Associates LLC lessened its stake in nCino Inc. (NASDAQ:NCNO - Free Report) by 36.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,557 shares of the company's stock after selling 211,535 shares during the period. Jennison Associates LLC owned approximately 0.31% of nCino worth $9,932,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. bought a new stake in shares of nCino during the 4th quarter worth $57,000. First Horizon Advisors Inc. lifted its position in nCino by 22.5% in the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock worth $80,000 after buying an additional 538 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of nCino during the first quarter worth approximately $82,000. Asset Management One Co. Ltd. grew its holdings in shares of nCino by 63.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 3,718 shares of the company's stock valued at $102,000 after purchasing an additional 1,439 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in nCino by 32.9% in 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 period. Institutional investors own 94.76% of the company's stock.

Insider Buying and Selling

In other nCino news, Director Pierre Naude sold 30,745 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $707,135.00. Following the completion of the transaction, the director owned 1,197,120 shares in the company, valued at approximately $27,533,760. This represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider April Rieger sold 6,589 shares of the business'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 trade represents a 2.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,049 shares of company stock valued at $1,449,672 over the last 90 days. 5.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group cut nCino from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Needham & Company LLC restated a "buy" rating and set a $33.00 price target on shares of nCino in a research report on Thursday, May 29th. Piper Sandler reaffirmed a "neutral" rating and issued a $28.00 price target (up from $25.00) on shares of nCino in a research note on Thursday, May 29th. JPMorgan Chase & Co. initiated coverage on nCino in a research note on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price objective for the company. Finally, Keefe, Bruyette & Woods raised their target price on shares of nCino from $28.00 to $33.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, nCino has a consensus rating of "Moderate Buy" and an average price target of $30.94.

nCino Trading Down 1.1%

NCNO stock traded down $0.33 during trading on Thursday, reaching $30.66. The company had a trading volume of 1,134,004 shares, compared to its average volume of 1,494,938. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.05 and a quick ratio of 1.05. nCino Inc. has a 52 week low of $18.75 and a 52 week high of $43.20. The business has a 50 day moving average of $27.73 and a 200 day moving average of $28.29. The company has a market cap of $3.55 billion, a P/E ratio of -117.92, a PEG ratio of 30.87 and a beta of 0.77.

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

nCino declared that its Board of Directors has authorized a share buyback plan on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

nCino Company 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.