Mirae Asset Global Investments Co. Ltd. Grows Stake in nCino Inc. (NASDAQ:NCNO)

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 2,448.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,246 shares of the company's stock after purchasing an additional 9,844 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in nCino were worth $281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new position in nCino during the 1st quarter worth $343,000. Robeco Institutional Asset Management B.V. increased its holdings in nCino by 38.6% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 485,000 shares of the company's stock worth $13,323,000 after purchasing an additional 135,000 shares during the period. Legacy Advisors LLC increased its holdings in nCino by 64.3% during the 1st quarter. Legacy Advisors LLC now owns 21,819 shares of the company's stock worth $599,000 after purchasing an additional 8,535 shares during the period. Asset Management One Co. Ltd. increased its holdings in nCino by 63.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 3,718 shares of the company's stock worth $102,000 after purchasing an additional 1,439 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its holdings in nCino by 20.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 62,217 shares of the company's stock worth $1,709,000 after purchasing an additional 10,713 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at nCino

In other nCino news, Director Pierre Naude sold 30,745 shares of nCino stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $707,135.00. Following the completion of the sale, the director owned 1,197,120 shares of the company's stock, valued at approximately $27,533,760. The trade was a 2.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Gregory Orenstein sold 10,343 shares of nCino stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $237,889.00. Following the sale, the chief financial officer directly owned 470,254 shares of the company's stock, valued at approximately $10,815,842. This represents a 2.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,572 shares of company stock worth $1,795,990 in the last quarter. 5.70% of the stock is owned by insiders.

nCino Stock Up 2.5%

Shares of NCNO stock opened at $28.68 on Monday. nCino Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The stock's fifty day moving average price is $25.89 and its 200 day moving average price is $28.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $3.33 billion, a price-to-earnings ratio of -110.30, a price-to-earnings-growth ratio of 29.49 and a beta of 0.77.

nCino (NASDAQ:NCNO - Get Free Report) last announced its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate 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 period in the previous year, the business earned $0.19 EPS. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. On average, research analysts expect that nCino Inc. will post 0.12 earnings per share for the current fiscal year.

nCino announced that its Board of Directors has approved a share buyback program on Tuesday, April 1st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

NCNO has been the topic of several research reports. Scotiabank restated a "sector perform" rating and set a $26.00 price objective (up from $19.00) on shares of nCino in a report on Wednesday, May 21st. Bank of America lifted their price target on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, April 10th. Stephens lifted their price target on nCino from $24.00 to $28.00 and gave the company an "equal weight" rating in a report on Wednesday, May 21st. Raymond James Financial cut their price target on nCino from $42.00 to $32.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. assumed coverage on nCino in a report on Wednesday, June 18th. They issued a "neutral" rating and a $30.00 price target on the stock. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $30.94.

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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