Legal & General Group Plc Makes New $1.47 Million Investment in nCino Inc. $NCNO

Key Points

• Legal & General Group Plc purchased 90,132 nCino shares valued at approximately $1.47 million, giving it a 0.08% stake. Institutional investors collectively own 94.76% of nCino.
• nCino shares opened at $23.12, with a market capitalization of about $2.44 billion and a 52-week range of $13.80 to $31.92. The stock’s consensus analyst rating is “Moderate Buy”, with an average price target of $24.38.
• Recent insider sales totaled 75,976 shares worth roughly $1.45 million, primarily to cover tax obligations tied to equity awards; corporate insiders own 1.90% of the company.

Legal & General Group Plc bought a new stake in shares of nCino Inc. (NASDAQ:NCNO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 90,132 shares of the company's stock, valued at approximately $1,474,000. Legal & General Group Plc owned 0.08% of nCino as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the business. CWM LLC boosted its stake in shares of nCino by 255.8% during the fourth quarter. CWM LLC now owns 1,142 shares of the company's stock valued at $29,000 after purchasing an additional 821 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in nCino during the fourth quarter valued at approximately $38,000. Quarry LP raised its stake in nCino by 138.2% in the third quarter. Quarry LP now owns 1,701 shares of the company's stock worth $46,000 after buying an additional 987 shares in the last quarter. Optiver Holding B.V. purchased a new stake in nCino during the first quarter worth $32,000. Finally, Advisory Services Network LLC purchased a new stake in nCino during the third quarter worth $65,000. Institutional investors own 94.76% of the company's stock.

Insider Activity

In other nCino news, SVP Jeanette Sellers sold 1,536 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.53, for a total transaction of $29,998.08. Following the sale, the senior vice president owned 48,453 shares in the company, valued at approximately $946,287.09. The trade was a 3.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 7,852 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $150,915.44. Following the completion of the transaction, the insider directly owned 375,749 shares in the company, valued at $7,221,895.78. This represents a 2.05% decrease in their ownership of the stock. 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. Over the last ninety days, insiders sold 75,976 shares of company stock valued at $1,452,687. 1.90% of the stock is owned by corporate insiders.

nCino Price Performance

NASDAQ:NCNO opened at $23.12 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34. nCino Inc. has a twelve month low of $13.80 and a twelve month high of $31.92. The company has a market cap of $2.44 billion, a PE ratio of 77.07 and a beta of 0.69. The company's 50 day moving average is $19.17 and its two-hundred day moving average is $17.18.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NCNO. BTIG Research reiterated a "neutral" rating on shares of nCino in a report on Wednesday, August 26th. Morgan Stanley upped their price objective on nCino from $23.00 to $25.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 26th. Zacks Research downgraded nCino from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. lifted their target price on nCino from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Monday, June 22nd. Finally, Keefe, Bruyette & Woods lifted their target price on nCino from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.38.

nCino Company Profile

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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