Fred Alger Management LLC Has $41.54 Million Position in nCino, Inc. (NASDAQ:NCNO)

Fred Alger Management LLC lowered its stake in nCino, Inc. (NASDAQ:NCNO - Free Report) by 17.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,236,940 shares of the company's stock after selling 266,609 shares during the period. Fred Alger Management LLC owned approximately 1.07% of nCino worth $41,536,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Fifth Third Bancorp acquired a new position in shares of nCino in the 4th quarter worth approximately $34,000. Hilltop National Bank bought a new position in shares of nCino during the 4th quarter worth $37,000. Johnson Financial Group Inc. purchased a new position in nCino during the 4th quarter valued at about $57,000. Asset Management One Co. Ltd. increased its holdings in shares of nCino by 16.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock worth $78,000 after purchasing an additional 323 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in nCino by 32.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock worth $152,000 after purchasing an additional 1,122 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

nCino Price Performance

Shares of nCino stock traded up $0.16 during trading on Friday, reaching $23.93. The company's stock had a trading volume of 2,206,382 shares, compared to its average volume of 1,436,864. The business has a 50 day moving average price of $25.42 and a 200-day moving average price of $32.21. The company has a market capitalization of $2.76 billion, a P/E ratio of -140.76, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 12-month low of $18.75 and a 12-month high of $43.20.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same quarter last year, the business earned $0.21 EPS. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. As a group, sell-side analysts anticipate that nCino, Inc. will post 0.12 EPS for the current year.

nCino announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 1st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NCNO. Barclays dropped their price target on nCino from $44.00 to $24.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 2nd. Needham & Company LLC reduced their price target on shares of nCino from $45.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Piper Sandler decreased their price objective on shares of nCino from $28.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. William Blair cut shares of nCino from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Stephens reissued an "equal weight" rating and issued a $38.00 price objective on shares of nCino in a research report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $30.40.

Insider Transactions at nCino

In related news, VP Jeanette Sellers sold 2,167 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $22.79, for a total transaction of $49,385.93. Following the completion of the sale, the vice president now owns 27,108 shares of the company's stock, valued at approximately $617,791.32. This represents a 7.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pierre Naude sold 31,123 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $649,225.78. Following the completion of the sale, the director now directly owns 1,066,090 shares of the company's stock, valued at $22,238,637.40. The trade was a 2.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 141,060 shares of company stock valued at $3,101,115 over the last three months. 28.40% of the stock is currently owned by insiders.

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.