nCino Inc. $NCNO Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its nCino stake by 10.8% in the first quarter, selling 120,530 shares and retaining 993,801 shares worth approximately $14.9 million. Institutional investors and hedge funds collectively own 94.76% of the company.
• nCino shares opened at $20.36, with a market capitalization of $2.23 billion and a 52-week range of $13.80 to $33.92. The stock’s consensus analyst rating is “Moderate Buy,” with an average price target of $25.29.
• Company insiders sold shares recently, including CFO Gregory Orenstein and April Rieger, primarily to cover tax withholding obligations from vested equity awards. Insiders sold 83,350 shares worth $1.57 million over the past 90 days.

Bank of America Corp DE cut its stake in nCino Inc. (NASDAQ:NCNO - Free Report) by 10.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 993,801 shares of the company's stock after selling 120,530 shares during the period. Bank of America Corp DE owned approximately 0.91% of nCino worth $14,887,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC boosted its position in shares of nCino by 255.8% in the 4th quarter. CWM LLC now owns 1,142 shares of the company's stock worth $29,000 after buying an additional 821 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of nCino during the 4th quarter worth about $38,000. Farther Finance Advisors LLC boosted its stake in shares of nCino by 76.2% during the 4th quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company's stock worth $43,000 after purchasing an additional 722 shares during the last quarter. Quarry LP grew its holdings in shares of nCino by 138.2% during the third quarter. Quarry LP now owns 1,701 shares of the company's stock worth $46,000 after buying an additional 987 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of nCino by 5,250.0% in the first quarter. EverSource Wealth Advisors LLC now owns 3,317 shares of the company's stock valued at $50,000 after buying an additional 3,255 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

nCino Stock Performance

Shares of NCNO stock opened at $20.36 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.23 billion, a PE ratio of 169.67 and a beta of 0.66. The company's fifty day simple moving average is $17.55 and its 200-day simple moving average is $16.84. nCino Inc. has a 52 week low of $13.80 and a 52 week high of $33.92.

Analyst Ratings Changes

Several brokerages have weighed in on NCNO. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price target on shares of nCino in a report on Thursday, May 28th. JPMorgan Chase & Co. lifted their price objective on nCino from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Monday, June 22nd. Weiss Ratings upgraded nCino from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, May 28th. The Goldman Sachs Group reduced their target price on nCino from $24.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday, May 14th. Finally, Wall Street Zen lowered shares of nCino from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $25.29.

Insider Buying and Selling

In related news, CFO Gregory Orenstein sold 11,780 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $226,411.60. Following the transaction, the chief financial officer directly owned 690,513 shares of the company's stock, valued at approximately $13,271,659.86. The trade was a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 7,852 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $150,915.44. Following the completion of the transaction, the insider owned 375,749 shares of the company's stock, valued at approximately $7,221,895.78. This represents a 2.05% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 83,350 shares of company stock valued at $1,568,144 over the last ninety days. Insiders own 1.90% of the company's stock.

About nCino

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.

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