nCino Inc. $NCNO Position Decreased by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors cut its nCino stake by 21.2% in the third quarter, selling 449,790 shares; it retained 1,670,675 shares valued at about $30.3 million.
• Institutional ownership stands at 94.76%. Several other investors increased their holdings, while company insiders sold a combined 66,908 shares worth about $1.37 million during the quarter.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $23.42; the stock opened at $23.44 in the latest session cited.

Conestoga Capital Advisors LLC reduced its stake in nCino Inc. (NASDAQ:NCNO - Free Report) by 21.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,670,675 shares of the company's stock after selling 449,790 shares during the quarter. Conestoga Capital Advisors LLC owned about 1.58% of nCino worth $30,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Cowa LLC raised its position in shares of nCino by 20.6% during the 3rd quarter. Cowa LLC now owns 21,650 shares of the company's stock valued at $393,000 after buying an additional 3,700 shares in the last quarter. Integrity Alliance LLC. bought a new stake in shares of nCino during the 3rd quarter worth $562,000. State of Wyoming grew its position in nCino by 16.5% in the third quarter. State of Wyoming now owns 41,001 shares of the company's stock worth $743,000 after acquiring an additional 5,810 shares in the last quarter. Angeles Wealth Management LLC grew its position in nCino by 6.0% in the third quarter. Angeles Wealth Management LLC now owns 36,010 shares of the company's stock worth $653,000 after acquiring an additional 2,052 shares in the last quarter. Finally, Sterling Capital Management LLC grew its position in nCino by 605.7% in the third quarter. Sterling Capital Management LLC now owns 3,458 shares of the company's stock worth $63,000 after acquiring an additional 2,968 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other nCino news, CEO Sean Desmond sold 43,992 shares of the business's stock in a transaction on Friday, October 9th. The shares were sold at an average price of $19.90, for a total value of $875,440.80. Following the completion of the sale, the chief executive officer directly owned 1,231,080 shares of the company's stock, valued at $24,498,492. The trade was a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider April Rieger sold 6,098 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $21.98, for a total transaction of $134,034.04. Following the sale, the insider owned 369,651 shares of the company's stock, valued at approximately $8,124,928.98. The trade was a 1.62% 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. In the last quarter, insiders sold 66,908 shares of company stock worth $1,366,648. 1.90% of the stock is owned by corporate insiders.

nCino Price Performance

Shares of nCino stock opened at $23.44 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.85. nCino Inc. has a 52-week low of $13.80 and a 52-week high of $27.50. The company has a fifty day moving average of $21.20 and a 200-day moving average of $18.32. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 78.13 and a beta of 0.77.

Wall Street Analysts Forecast Growth

NCNO has been the topic of a number of research analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of nCino in a research note on Wednesday, August 26th. KeyCorp reaffirmed a "sector weight" rating on shares of nCino in a research note on Monday, October 12th. Truist Financial upped their price objective on nCino from $19.00 to $20.00 and gave the stock a "hold" rating in a report on Wednesday, August 26th. Wall Street Zen upgraded nCino from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Finally, Zacks Research lowered nCino from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, nCino has a consensus rating of "Moderate Buy" and an average target price of $23.42.

About nCino

nCino, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to help institutions modernize banking operations, improve customer experiences and manage lending and deposit-related processes through a centralized, cloud-based environment.

The company's products support commercial, small-business and consumer lending; account opening and onboarding; deposit account management; loan origination and servicing; portfolio management; and related reporting and workflow automation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.