Senator Investment Group LP Lowers Stake in nCino Inc. $NCNO

Key Points

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Senator Investment Group LP cut its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 27.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 932,236 shares of the company's stock after selling 344,450 shares during the quarter. Senator Investment Group LP owned approximately 0.81% of nCino worth $25,609,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc grew its holdings in nCino by 0.8% in the fourth quarter. Legal & General Group Plc now owns 92,598 shares of the company's stock valued at $3,109,000 after purchasing an additional 697 shares during the period. Barclays PLC grew its holdings in nCino by 363.0% in the fourth quarter. Barclays PLC now owns 338,088 shares of the company's stock valued at $11,352,000 after purchasing an additional 265,074 shares during the period. Dimensional Fund Advisors LP grew its holdings in nCino by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,606,549 shares of the company's stock valued at $53,948,000 after purchasing an additional 99,502 shares during the period. Capital Research Global Investors purchased a new stake in nCino in the fourth quarter valued at approximately $23,274,000. Finally, Tower Research Capital LLC TRC grew its holdings in nCino by 549.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,013 shares of the company's stock valued at $370,000 after purchasing an additional 9,316 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of nCino from $29.00 to $33.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. assumed coverage on shares of nCino in a report on Wednesday, June 18th. They issued a "neutral" rating and a $30.00 target price for the company. Baird R W upgraded shares of nCino from a "hold" rating to a "strong-buy" rating in a report on Monday, July 14th. UBS Group set a $28.00 target price on shares of nCino in a report on Thursday, May 29th. Finally, Raymond James Financial restated an "outperform" rating and issued a $35.00 target price (up from $32.00) on shares of nCino in a report on Tuesday, July 29th. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $31.13.

nCino Trading Up 1.1%

NASDAQ NCNO opened at $28.06 on Tuesday. The company's fifty day simple moving average is $28.25 and its 200-day simple moving average is $27.58. nCino Inc. has a 52 week low of $18.75 and a 52 week high of $43.20. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.24. The stock has a market cap of $3.25 billion, a P/E ratio of -107.92, a PEG ratio of 27.64 and a beta of 0.77.

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

Insider Activity

In other news, CEO Sean Desmond sold 9,550 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $27.45, for a total transaction of $262,147.50. Following the transaction, the chief executive officer directly owned 628,603 shares of the company's stock, valued at approximately $17,255,152.35. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Gregory Orenstein sold 4,155 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $27.45, for a total transaction of $114,054.75. Following the transaction, the chief financial officer directly owned 466,099 shares in the company, valued at approximately $12,794,417.55. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,603 shares of company stock valued at $593,002. 5.70% of the stock is currently owned by company insiders.

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.

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