Teacher Retirement System of Texas Invests $394,000 in nCino Inc. (NASDAQ:NCNO)

Teacher Retirement System of Texas acquired a new position in nCino Inc. (NASDAQ:NCNO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,333 shares of the company's stock, valued at approximately $394,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Amundi lifted its holdings in nCino by 312.1% in the fourth quarter. Amundi now owns 6,004 shares of the company's stock worth $201,000 after buying an additional 4,547 shares during the period. Northern Trust Corp lifted its holdings in nCino by 14.1% in the fourth quarter. Northern Trust Corp now owns 612,902 shares of the company's stock worth $20,581,000 after buying an additional 75,592 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of nCino by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 566,627 shares of the company's stock valued at $19,027,000 after purchasing an additional 9,870 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in nCino in the 1st quarter worth approximately $343,000. Finally, BNP Paribas Financial Markets purchased a new stake in nCino in the 4th quarter worth $153,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other nCino news, CFO Gregory Orenstein sold 10,343 shares of nCino stock in a transaction dated Friday, May 2nd. The stock was 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 $10,815,842. This trade represents a 2.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sean Desmond sold 12,339 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 $283,797.00. Following the completion of the transaction, the chief executive officer directly owned 637,405 shares of the company's stock, valued at approximately $14,660,315. This trade represents a 1.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,049 shares of company stock worth $1,449,672. 5.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NCNO has been the subject of several recent research reports. JMP Securities raised their target price on shares of nCino from $32.00 to $35.00 and gave the stock a "market outperform" rating in a report on Monday, June 9th. Keefe, Bruyette & Woods boosted their price target on shares of nCino from $28.00 to $33.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Morgan Stanley upped their price objective on nCino from $27.00 to $29.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $33.00 price target on shares of nCino in a research report on Thursday, May 29th. Finally, Barclays reissued an "overweight" rating and issued a $31.00 price objective (up from $24.00) on shares of nCino in a report on Thursday, May 29th. Ten 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 company's stock. According to MarketBeat.com, nCino has an average rating of "Moderate Buy" and an average price target of $30.69.

nCino Price Performance

Shares of nCino stock traded up $0.22 during trading on Monday, hitting $30.83. 1,484,026 shares of the company's stock traded hands, compared to its average volume of 1,567,500. The company has a market cap of $3.57 billion, a PE ratio of -118.58, a PEG ratio of 31.46 and a beta of 0.77. nCino Inc. has a twelve month low of $18.75 and a twelve month high of $43.20. 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's fifty day moving average price is $27.20 and its 200 day moving average price is $28.30.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate 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 analyst estimates of $139.77 million. During the same period in the prior year, the business posted $0.19 earnings per share. nCino's revenue was up 12.5% compared to the same quarter last year. Analysts forecast that nCino Inc. will post 0.12 earnings per share for the current year.

nCino declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 1st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

nCino 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.