Massachusetts Financial Services Co. MA Lowers Holdings in nCino Inc. (NASDAQ:NCNO)

Massachusetts Financial Services Co. MA lessened its holdings in nCino Inc. (NASDAQ:NCNO - Free Report) by 3.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,336,681 shares of the company's stock after selling 83,046 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.01% of nCino worth $64,189,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of NCNO. Amundi boosted its holdings in shares of nCino by 312.1% during the 4th quarter. Amundi now owns 6,004 shares of the company's stock worth $201,000 after purchasing an additional 4,547 shares during the last quarter. Northern Trust Corp grew its stake in shares of nCino by 14.1% during the 4th quarter. Northern Trust Corp now owns 612,902 shares of the company's stock valued at $20,581,000 after buying an additional 75,592 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in nCino by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 566,627 shares of the company's stock worth $19,027,000 after buying an additional 9,870 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of nCino during the 1st quarter valued at about $343,000. Finally, BNP Paribas Financial Markets bought a new position in nCino in the 4th quarter worth about $153,000. Institutional investors own 94.76% of the company's stock.

nCino Price Performance

Shares of NCNO stock opened at $30.69 on Friday. The firm's 50 day moving average price is $27.07 and its two-hundred day moving average price is $28.39. The stock has a market cap of $3.56 billion, a PE ratio of -118.04, a PEG ratio of 30.87 and a beta of 0.77. nCino Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.05 and a current ratio of 1.05.

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

nCino declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other nCino news, Director Pierre Naude sold 30,745 shares of nCino 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 $707,135.00. Following the completion of the sale, the director directly owned 1,197,120 shares in the company, valued at $27,533,760. The trade was a 2.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sean Desmond sold 12,339 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 $283,797.00. Following the transaction, the chief executive officer directly owned 637,405 shares in the company, valued at approximately $14,660,315. The trade was a 1.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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

Several research analysts have recently weighed in on NCNO shares. Scotiabank reiterated a "sector perform" rating and issued a $26.00 price target (up previously from $19.00) on shares of nCino in a report on Wednesday, May 21st. William Blair downgraded shares of nCino from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Bank of America increased their price objective on shares of nCino from $22.00 to $26.00 and gave the stock a "neutral" rating in a research note on Thursday, April 10th. Morgan Stanley raised their price objective on shares of nCino from $27.00 to $29.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. Finally, Stephens increased their price objective on shares of nCino from $24.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 21st. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, nCino presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.69.

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.

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