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

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

A number of other hedge funds have also recently modified their holdings of the stock. Amundi boosted its stake in nCino by 312.1% during the 4th quarter. Amundi now owns 6,004 shares of the company's stock worth $201,000 after purchasing an additional 4,547 shares during the period. Northern Trust Corp lifted its stake in shares of nCino by 14.1% in the fourth quarter. Northern Trust Corp now owns 612,902 shares of the company's stock valued at $20,581,000 after purchasing an additional 75,592 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in nCino by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 566,627 shares of the company's stock valued at $19,027,000 after acquiring an additional 9,870 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of nCino during the first quarter worth about $343,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of nCino in the fourth quarter worth approximately $153,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Stock Performance

NASDAQ NCNO traded down $0.08 on Friday, reaching $30.61. The stock had a trading volume of 1,021,728 shares, compared to its average volume of 1,564,278. 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 firm has a fifty day moving average of $27.07 and a two-hundred day moving average of $28.39. nCino Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The company has a market cap of $3.55 billion, a P/E ratio of -117.73, a price-to-earnings-growth ratio of 30.87 and a beta of 0.77.

nCino (NASDAQ:NCNO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, meeting analysts' consensus estimates 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 analyst estimates of $139.77 million. During the same period in the prior year, the firm posted $0.19 EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities research analysts anticipate that nCino Inc. will post 0.12 EPS for the current year.

nCino announced that its board has authorized a share repurchase plan on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, insider April Rieger sold 6,589 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $151,547.00. Following the completion of the sale, the insider directly owned 243,551 shares in the company, valued at approximately $5,601,673. This represents a 2.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Gregory Orenstein sold 10,343 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total value of $237,889.00. Following the sale, the chief financial officer owned 470,254 shares of the company's stock, valued at approximately $10,815,842. The trade was a 2.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,049 shares of company stock worth $1,449,672. 5.70% of the stock is owned by insiders.

Analysts Set New Price Targets

NCNO has been the topic of a number of recent research reports. Bank of America lifted their price target on shares of nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday, April 10th. JPMorgan Chase & Co. began coverage on shares of nCino in a research report on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price target for the company. Piper Sandler reiterated a "neutral" rating and issued a $28.00 target price (up previously from $25.00) on shares of nCino in a research report on Thursday, May 29th. The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Finally, William Blair lowered shares of nCino from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, nCino currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.69.

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.