Squarepoint Ops LLC Has $1.63 Million Stock Position in nCino Inc. $NCNO

Key Points

• Squarepoint Ops LLC cut its nCino position by 83.7% in the second quarter, selling 514,586 shares and retaining 99,949 shares valued at approximately $1.63 million. Institutional investors collectively own 94.76% of nCino.
• Analyst sentiment remains favorable overall, with nCino holding a consensus “Moderate Buy” rating and an average price target of $24.38. Recent targets range from $17 to $25.
• nCino shares opened at $21.91, versus a 52-week range of $13.80 to $31.23. Insiders sold $1.64 million of stock over the past 90 days, primarily to cover tax obligations related to equity awards.

Squarepoint Ops LLC cut its holdings in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 83.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,949 shares of the company's stock after selling 514,586 shares during the period. Squarepoint Ops LLC owned approximately 0.09% of nCino worth $1,634,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP lifted its position in nCino by 282.4% in the 2nd quarter. Allworth Financial LP now owns 13,268 shares of the company's stock valued at $217,000 after acquiring an additional 9,798 shares in the last quarter. Corient Private Wealth LP increased its holdings in nCino by 83.1% during the 2nd quarter. Corient Private Wealth LP now owns 33,960 shares of the company's stock worth $555,000 after purchasing an additional 15,410 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of nCino in the second quarter worth approximately $455,000. HB Wealth Management LLC purchased a new stake in shares of nCino in the second quarter worth approximately $287,000. Finally, Angeles Wealth Management LLC raised its stake in shares of nCino by 85.2% in the second quarter. Angeles Wealth Management LLC now owns 33,958 shares of the company's stock worth $555,000 after purchasing an additional 15,621 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NCNO. Barclays lifted their target price on nCino from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, August 26th. JPMorgan Chase & Co. increased their price target on nCino from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Monday, June 22nd. Citizens Jmp raised their price objective on nCino from $23.00 to $25.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 26th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of nCino in a report on Tuesday, August 25th. Finally, BTIG Research reiterated a "neutral" rating on shares of nCino in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.38.

nCino Price Performance

nCino stock opened at $21.91 on Wednesday. nCino Inc. has a 52 week low of $13.80 and a 52 week high of $31.23. The company's 50 day moving average price is $19.82 and its two-hundred day moving average price is $17.48. The stock has a market cap of $2.32 billion, a P/E ratio of 73.03 and a beta of 0.69. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.34.

Insider Activity at nCino

In other nCino news, CFO Gregory Orenstein sold 11,780 shares of the business's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $226,411.60. Following the transaction, the chief financial officer owned 690,513 shares of the company's stock, valued at approximately $13,271,659.86. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jeanette Sellers sold 1,536 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.53, for a total value of $29,998.08. Following the completion of the transaction, the senior vice president owned 48,453 shares of the company's stock, valued at $946,287.09. This trade represents a 3.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 84,040 shares of company stock valued at $1,643,481 in the last ninety days. Insiders own 1.90% of the company's stock.

nCino Profile

nCino, Inc NASDAQ: NCNO provides cloud-based software designed to help banks, credit unions and other financial institutions manage and modernize their operations. Its platform, known as the nCino Bank Operating System, is built to streamline processes, improve collaboration and provide a unified view of customer and financial data.

The company's products support commercial, small-business, consumer and mortgage lending, as well as account opening, deposit origination, onboarding, credit analysis, portfolio management and regulatory compliance.

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