Massachusetts Financial Services Co. MA lowered its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 3.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,336,681 shares of the company's stock after selling 83,046 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.01% of nCino worth $64,189,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of NCNO. Vanguard Group Inc. raised its stake in shares of nCino by 9.6% in the 4th quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company's stock valued at $363,697,000 after acquiring an additional 948,282 shares in the last quarter. Wasatch Advisors LP increased its position in nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock worth $207,450,000 after buying an additional 3,905,802 shares during the period. Capital International Investors increased its position in nCino by 57.4% in the 4th quarter. Capital International Investors now owns 4,691,204 shares of the company's stock worth $157,531,000 after buying an additional 1,710,893 shares during the period. T. Rowe Price Investment Management Inc. increased its position in nCino by 139.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company's stock worth $108,834,000 after buying an additional 1,889,283 shares during the period. Finally, Soma Equity Partners LP grew its holdings in shares of nCino by 5.7% during the 4th quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company's stock worth $97,976,000 after purchasing an additional 156,238 shares in the last quarter. Institutional investors own 94.76% of the company's stock.
Insider Activity at nCino
In other nCino news, VP Jeanette Sellers sold 2,167 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $22.79, for a total value of $49,385.93. Following the transaction, the vice president directly owned 27,108 shares in the company, valued at $617,791.32. The trade was a 7.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sean Desmond sold 12,339 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $283,797.00. Following the completion of the sale, the chief executive officer directly owned 637,405 shares in the company, valued at $14,660,315. This trade represents a 1.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,049 shares of company stock worth $1,449,672 in the last 90 days. Company insiders own 5.70% of the company's stock.
Wall Street Analysts Forecast Growth
NCNO has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on nCino from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. The Goldman Sachs Group downgraded nCino from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $42.00 to $24.00 in a report on Wednesday, April 2nd. Needham & Company LLC restated a "buy" rating and issued a $33.00 price target on shares of nCino in a report on Thursday, May 29th. JPMorgan Chase & Co. assumed coverage on nCino in a research report on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price objective for the company. Finally, Keefe, Bruyette & Woods upped their price objective on nCino from $28.00 to $33.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, nCino currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.69.
Get Our Latest Research Report on nCino
nCino Stock Up 0.7%
NASDAQ:NCNO traded up $0.22 during midday trading on Monday, hitting $30.83. The company had a trading volume of 1,484,026 shares, compared to its average volume of 1,567,500. The stock's fifty day moving average price is $27.20 and its 200-day moving average price is $28.30. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.24. nCino Inc. has a 52-week low of $18.75 and a 52-week high of $43.20.
nCino (NASDAQ:NCNO - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.16. The company had revenue of $144.14 million during the quarter, compared to the consensus estimate of $139.77 million. nCino had a negative net margin of 5.27% and a positive return on equity of 0.19%. nCino's revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, equities analysts predict that nCino Inc. will post 0.12 EPS for the current fiscal year.
nCino announced that its Board of Directors has authorized a share buyback program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.
About nCino
(
Free Report)
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.
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