New York State Common Retirement Fund Purchases 15,381 Shares of nCino Inc. (NASDAQ:NCNO)

New York State Common Retirement Fund raised its stake in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 684,356 shares of the company's stock after buying an additional 15,381 shares during the quarter. New York State Common Retirement Fund owned about 0.59% of nCino worth $18,799,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of nCino by 9.6% in the 4th quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company's stock valued at $363,697,000 after purchasing an additional 948,282 shares during the period. Wasatch Advisors LP grew its position in shares of nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock valued at $207,450,000 after purchasing an additional 3,905,802 shares during the period. Capital International Investors grew its position in shares of nCino by 57.4% in the 4th quarter. Capital International Investors now owns 4,691,204 shares of the company's stock valued at $157,531,000 after purchasing an additional 1,710,893 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of nCino by 139.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company's stock valued at $108,834,000 after purchasing an additional 1,889,283 shares during the period. Finally, Soma Equity Partners LP grew its position in shares of nCino by 5.7% in the 4th quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company's stock valued at $97,976,000 after purchasing an additional 156,238 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on NCNO shares. William Blair downgraded nCino from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Citigroup reaffirmed an "outperform" rating on shares of nCino in a research report on Monday, June 9th. Raymond James Financial reduced their price target on nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. initiated coverage on nCino in a research note on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on nCino from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.69.

nCino Price Performance

Shares of NCNO traded down $0.08 during trading hours on Friday, hitting $30.61. 1,021,905 shares of the company were exchanged, compared to its average volume of 1,567,835. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -117.73, a P/E/G ratio of 31.46 and a beta of 0.77. nCino Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.24. The firm's fifty day moving average is $27.20 and its 200 day moving average is $28.33.

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

nCino declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity at nCino

In other nCino news, VP Jeanette Sellers sold 2,167 shares of nCino stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $22.79, for a total value of $49,385.93. Following the completion of the sale, the vice president directly owned 27,108 shares in the company, valued at approximately $617,791.32. The trade was a 7.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Pierre Naude sold 30,745 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total value of $707,135.00. Following the completion of the sale, the director directly owned 1,197,120 shares of the company's stock, valued at $27,533,760. This trade represents a 2.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,049 shares of company stock valued at $1,449,672 over the last ninety days. Insiders own 5.70% of the company's stock.

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.