The Manufacturers Life Insurance Company Acquires Shares of 55,107 nCino Inc. $NCNO

Key Points

• The Manufacturers Life Insurance Company acquired 55,107 nCino shares worth approximately $901,000, while institutional investors collectively own 94.76% of the company. Other firms, including Marshall Wace and Millennium Management, also increased or initiated positions.
• nCino shares opened at $23.12, above their 50-day and 200-day moving averages, with a $2.44 billion market capitalization and a 12-month trading range of $13.80 to $31.92.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $24.38. Recent insider sales were made primarily to cover tax obligations tied to equity awards.

The Manufacturers Life Insurance Company acquired a new position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 55,107 shares of the company's stock, valued at approximately $901,000. The Manufacturers Life Insurance Company owned about 0.05% of nCino as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in NCNO. Millennium Management LLC increased its stake in shares of nCino by 16.6% during the first quarter. Millennium Management LLC now owns 303,853 shares of the company's stock worth $8,347,000 after acquiring an additional 43,247 shares during the period. Woodline Partners LP lifted its position in nCino by 105.3% in the first quarter. Woodline Partners LP now owns 13,227 shares of the company's stock valued at $363,000 after purchasing an additional 6,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in nCino by 16.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company's stock valued at $7,731,000 after purchasing an additional 39,345 shares in the last quarter. Prudential Financial Inc. purchased a new stake in nCino in the 2nd quarter valued at approximately $208,000. Finally, Marshall Wace LLP acquired a new position in nCino during the 2nd quarter worth approximately $4,163,000. Institutional investors and hedge funds own 94.76% of the company's stock.

nCino Price Performance

NCNO stock opened at $23.12 on Friday. The firm has a 50 day moving average of $19.17 and a 200-day moving average of $17.17. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 77.07 and a beta of 0.69. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34. nCino Inc. has a 12-month low of $13.80 and a 12-month high of $31.92.

Insider Transactions at nCino

In other nCino news, Director Pierre Naude sold 4,677 shares of the company'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 $89,891.94. Following the sale, the director owned 1,116,707 shares of the company's stock, valued at approximately $21,463,108.54. This represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sean Desmond sold 28,675 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $551,133.50. Following the completion of the transaction, the chief executive officer owned 1,234,831 shares of the company's stock, valued at approximately $23,733,451.82. This represents a 2.27% 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 75,976 shares of company stock worth $1,452,687 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Barclays increased their target price on nCino from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 26th. Weiss Ratings restated a "sell (d+)" rating on shares of nCino in a research note on Tuesday, August 25th. Citigroup reaffirmed a "market outperform" rating on shares of nCino in a report on Wednesday, August 26th. Truist Financial increased their price objective on nCino from $19.00 to $20.00 and gave the stock a "hold" rating in a research report on Wednesday, August 26th. Finally, The Goldman Sachs Group reduced their target price on nCino from $24.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.38.

nCino 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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