Mirae Asset Global Investments Co. Ltd. Acquires 9,844 Shares of nCino Inc. (NASDAQ:NCNO)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in nCino Inc. (NASDAQ:NCNO - Free Report) by 2,448.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,246 shares of the company's stock after buying an additional 9,844 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in nCino were worth $281,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Johnson Financial Group Inc. purchased a new stake in shares of nCino during the 4th quarter valued at about $57,000. FNY Investment Advisers LLC purchased a new stake in shares of nCino during the 1st quarter valued at about $82,000. Asset Management One Co. Ltd. increased its position 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. PNC Financial Services Group Inc. grew its stake in shares of nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after acquiring an additional 1,122 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of nCino during the 4th quarter valued at approximately $153,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Activity at nCino

In related 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 transaction of $707,135.00. Following the sale, the director owned 1,197,120 shares in the company, valued at approximately $27,533,760. This represents a 2.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider April Rieger sold 6,589 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total value of $151,547.00. Following the sale, the insider owned 243,551 shares in the company, valued at $5,601,673. The trade was a 2.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,049 shares of company stock worth $1,449,672 in the last ninety days. Corporate insiders own 5.70% of the company's stock.

Wall Street Analyst Weigh In

NCNO has been the subject of a number of recent research reports. Bank of America boosted their price objective on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a research note on Thursday, April 10th. Barclays reiterated an "overweight" rating and set a $31.00 price objective (up from $24.00) on shares of nCino in a research note on Thursday, May 29th. Keefe, Bruyette & Woods boosted their price objective on nCino from $28.00 to $33.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. William Blair downgraded nCino from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, JMP Securities boosted their price objective on nCino from $32.00 to $35.00 and gave the company a "market outperform" rating in a research note on Monday, June 9th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $30.94.

nCino Price Performance

Shares of NASDAQ NCNO traded down $0.40 during midday trading on Thursday, reaching $28.86. 1,152,107 shares of the stock traded hands, compared to its average volume of 1,566,722. 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 stock has a market capitalization of $3.35 billion, a PE ratio of -111.00, a P/E/G ratio of 30.36 and a beta of 0.77. nCino Inc. has a one year low of $18.75 and a one year high of $43.20. The company's 50 day moving average is $26.26 and its 200 day moving average is $28.61.

nCino (NASDAQ:NCNO - Get Free Report) last posted its earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, meeting analysts' consensus estimates of $0.16. The firm had revenue of $144.14 million during the quarter, compared to the consensus estimate of $139.77 million. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The company's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 EPS. On average, equities research analysts anticipate that nCino Inc. will post 0.12 earnings per share for the current year.

nCino announced that its board has authorized a stock repurchase program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

About nCino

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.