Spyglass Capital Management LLC Boosts Position in nCino Inc. $NCNO

Key Points

• Spyglass Capital increased its stake in nCino by 36% in Q3 to 2,149,090 shares (about 1.86% of the company), worth roughly $58.3M and representing ~3.1% of Spyglass’s portfolio (its 19th largest holding).
• nCino’s board approved a $100 million share buyback (up to ~3.7% of shares), while analysts show a consensus "Moderate Buy" with an average target of $32.33 versus the stock trading near $15, indicating a large gap between current price and analyst targets.

Spyglass Capital Management LLC grew its stake in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 36.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,149,090 shares of the company's stock after buying an additional 569,166 shares during the period. nCino accounts for approximately 3.1% of Spyglass Capital Management LLC's portfolio, making the stock its 19th largest holding. Spyglass Capital Management LLC owned approximately 1.86% of nCino worth $58,262,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NCNO. Advisors Asset Management Inc. increased its holdings in nCino by 68.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,127 shares of the company's stock worth $32,000 after acquiring an additional 458 shares during the period. US Bancorp DE boosted its holdings in nCino by 1.6% in the 3rd quarter. US Bancorp DE now owns 32,042 shares of the company's stock valued at $869,000 after purchasing an additional 501 shares during the period. Farther Finance Advisors LLC boosted its holdings in nCino by 186.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 948 shares of the company's stock valued at $26,000 after purchasing an additional 617 shares during the period. Vestmark Advisory Solutions Inc. grew its position in shares of nCino by 5.8% during the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 15,980 shares of the company's stock valued at $433,000 after purchasing an additional 872 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of nCino by 105.3% during the 3rd quarter. Fifth Third Bancorp now owns 1,915 shares of the company's stock valued at $52,000 after purchasing an additional 982 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Analyst Upgrades and Downgrades

NCNO has been the topic of a number of recent analyst reports. Zacks Research downgraded nCino from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 2nd. Keefe, Bruyette & Woods boosted their target price on nCino from $34.50 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, December 4th. Weiss Ratings restated a "sell (d-)" rating on shares of nCino in a research note on Thursday, January 22nd. Truist Financial lowered their price target on nCino from $32.00 to $27.00 and set a "hold" rating on the stock in a report on Thursday, December 4th. Finally, BTIG Research started coverage on nCino in a research report on Tuesday, December 16th. They set a "neutral" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $32.33.

nCino Stock Performance

NASDAQ NCNO opened at $15.07 on Friday. nCino Inc. has a 52-week low of $13.80 and a 52-week high of $33.92. The company has a fifty day moving average of $19.65 and a 200-day moving average of $24.24. The company has a market capitalization of $1.73 billion, a P/E ratio of -83.72, a P/E/G ratio of 3.00 and a beta of 0.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.01 and a current ratio of 1.01.

nCino announced that its Board of Directors has initiated a stock buyback program on Monday, December 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 3.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at nCino

In other nCino news, CFO Gregory Orenstein sold 10,562 shares of the firm's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total transaction of $197,298.16. Following the sale, the chief financial officer owned 451,184 shares in the company, valued at $8,428,117.12. This trade represents a 2.29% 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, SVP Jeanette Sellers sold 2,182 shares of nCino stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $18.26, for a total value of $39,843.32. Following the sale, the senior vice president directly owned 43,219 shares of the company's stock, valued at approximately $789,178.94. This trade represents a 4.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 71,310 shares of company stock valued at $1,382,650. 5.70% of the stock is currently owned by company insiders.

nCino Company Profile

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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