Signaturefd LLC Trims Position in nCino Inc. (NASDAQ:NCNO)

Signaturefd LLC trimmed its holdings in nCino Inc. (NASDAQ:NCNO - Free Report) by 72.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 7,418 shares of the company's stock after selling 19,989 shares during the period. Signaturefd LLC's holdings in nCino were worth $204,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NCNO. Wasatch Advisors LP increased its stake in shares of nCino by 171.9% during the fourth quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock worth $207,450,000 after acquiring an additional 3,905,802 shares during the period. Invesco Ltd. increased its stake in shares of nCino by 3,006.0% during the fourth quarter. Invesco Ltd. now owns 2,602,497 shares of the company's stock worth $87,392,000 after acquiring an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of nCino during the fourth quarter worth about $81,254,000. T. Rowe Price Investment Management Inc. increased its stake in shares of nCino by 139.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company's stock worth $108,834,000 after acquiring an additional 1,889,283 shares during the period. Finally, Capital International Investors increased its stake in shares of nCino by 57.4% during the fourth quarter. Capital International Investors now owns 4,691,204 shares of the company's stock worth $157,531,000 after acquiring an additional 1,710,893 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NCNO. Barclays restated an "overweight" rating and set a $31.00 target price (up from $24.00) on shares of nCino in a research report on Thursday, May 29th. Needham & Company LLC restated a "buy" rating and set a $33.00 target price on shares of nCino in a research report on Thursday, May 29th. Baird R W upgraded shares of nCino from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 14th. Bank of America upped their price target on shares of nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, April 10th. Finally, JPMorgan Chase & Co. initiated coverage on shares of nCino in a report on Wednesday, June 18th. They issued a "neutral" rating and a $30.00 price target on the stock. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $30.69.

nCino Stock Performance

NASDAQ:NCNO opened at $30.61 on Friday. 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 company has a market cap of $3.55 billion, a P/E 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 firm's 50 day moving average is $27.20 and its two-hundred day moving average is $28.33.

nCino (NASDAQ:NCNO - Get Free Report) last issued its earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, meeting 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 the consensus estimate of $139.77 million. During the same quarter last year, the firm posted $0.19 EPS. The business's revenue for the quarter was up 12.5% compared to the same quarter last year. Analysts expect that nCino Inc. will post 0.12 EPS for the current year.

nCino declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at nCino

In related news, insider April Rieger sold 6,589 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were 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 of the company's stock, valued at approximately $5,601,673. This trade represents a 2.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gregory Orenstein sold 10,343 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $237,889.00. Following the sale, the chief financial officer directly 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 90 days, insiders sold 63,049 shares of company stock worth $1,449,672. 5.70% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.