US Bancorp DE Lowers Holdings in nCino Inc. (NASDAQ:NCNO)

Key Points

• US Bancorp DE has reduced its holdings in nCino Inc. by 26.4% during the first quarter, now owning 31,586 shares valued at approximately $868,000.
• Multiple institutional investors have increased their stakes in nCino, with Wasatch Advisors LP boosting its investment by 171.9%, owning over 6 million shares now worth $207 million.
• nCino reported earnings of $0.16 per share for the last quarter, meeting expectations, with revenue increasing by 12.5% to $144.14 millionYear-on-Year.

US Bancorp DE decreased its holdings in nCino Inc. (NASDAQ:NCNO - Free Report) by 26.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,586 shares of the company's stock after selling 11,327 shares during the quarter. US Bancorp DE's holdings in nCino were worth $868,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Wasatch Advisors LP lifted its stake in shares of nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock valued at $207,450,000 after purchasing an additional 3,905,802 shares in the last quarter. Capital International Investors lifted its stake in shares of nCino by 57.4% in the 4th quarter. Capital International Investors now owns 4,691,204 shares of the company's stock valued at $157,531,000 after purchasing an additional 1,710,893 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of nCino by 139.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company's stock valued at $108,834,000 after purchasing an additional 1,889,283 shares in the last quarter. Soma Equity Partners LP lifted its stake in shares of nCino by 5.7% in the 4th quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company's stock valued at $97,976,000 after purchasing an additional 156,238 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of nCino by 140.5% in the 4th quarter. Ameriprise Financial Inc. now owns 2,900,467 shares of the company's stock valued at $97,398,000 after purchasing an additional 1,694,218 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Price Performance

NCNO stock opened at $26.19 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. nCino Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The stock's 50 day moving average is $28.22 and its two-hundred day moving average is $27.89. The company has a market capitalization of $3.04 billion, a PE ratio of -100.73, a P/E/G ratio of 26.09 and a beta of 0.77.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $144.14 million for the quarter, compared to the consensus estimate of $139.77 million. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. nCino's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 EPS. Analysts predict that nCino Inc. will post 0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

NCNO has been the topic of several research analyst reports. Truist Financial lifted their price objective on nCino from $21.00 to $27.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. UBS Group set a $28.00 price objective on nCino in a research note on Thursday, May 29th. JMP Securities boosted their price target on nCino from $32.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. assumed coverage on nCino in a research report on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price target on the stock. Finally, Barclays reissued an "overweight" rating and set a $31.00 price target (up from $24.00) on shares of nCino in a research report on Thursday, May 29th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, nCino currently has a consensus rating of "Moderate Buy" and an average target price of $31.13.

Insider Transactions at nCino

In related news, insider April Rieger sold 3,028 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $27.45, for a total transaction of $83,118.60. Following the sale, the insider directly owned 240,523 shares of the company's stock, valued at approximately $6,602,356.35. This represents a 1.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Pierre Naude sold 4,659 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $27.45, for a total value of $127,889.55. Following the sale, the director directly owned 1,192,461 shares in the company, valued at approximately $32,733,054.45. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,603 shares of company stock valued at $593,002. 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.

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