Soma Equity Partners LP Buys 156,238 Shares of nCino, Inc. (NASDAQ:NCNO)

Soma Equity Partners LP increased its stake in nCino, Inc. (NASDAQ:NCNO - Free Report) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,917,681 shares of the company's stock after acquiring an additional 156,238 shares during the period. nCino makes up approximately 5.4% of Soma Equity Partners LP's investment portfolio, making the stock its 14th biggest position. Soma Equity Partners LP owned approximately 2.52% of nCino worth $97,976,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp purchased a new stake in shares of nCino in the 4th quarter valued at approximately $34,000. Johnson Financial Group Inc. acquired a new stake in shares of nCino in the fourth quarter worth $57,000. Asset Management One Co. Ltd. raised its position in nCino by 16.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after buying an additional 323 shares during the period. PNC Financial Services Group Inc. lifted its stake in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock worth $152,000 after acquiring an additional 1,122 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in nCino during the 4th quarter worth about $153,000. 94.76% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Sean Desmond sold 7,880 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,376.80. Following the completion of the sale, the chief executive officer now owns 298,597 shares in the company, valued at $6,228,733.42. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider April Rieger sold 6,589 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $151,547.00. Following the sale, the insider now directly owns 243,551 shares of the company's stock, valued at $5,601,673. This represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,060 shares of company stock worth $3,101,115. Insiders own 28.40% of the company's stock.

nCino Stock Performance

Shares of NCNO stock traded up $0.07 during mid-day trading on Wednesday, reaching $25.88. The stock had a trading volume of 1,137,810 shares, compared to its average volume of 1,466,852. nCino, Inc. has a one year low of $18.75 and a one year high of $43.20. The firm has a market cap of $2.98 billion, a PE ratio of -153.03, a P/E/G ratio of 5.77 and a beta of 0.71. The firm's 50 day simple moving average is $24.77 and its 200 day simple moving average is $31.56. 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 (NASDAQ:NCNO - Get Free Report) last released its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share 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 the consensus estimate of $140.81 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company's revenue for the quarter was up 14.3% on a year-over-year basis. On average, analysts forecast that nCino, Inc. will post 0.12 EPS for the current year.

nCino declared that its board has authorized a share buyback plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on NCNO shares. KeyCorp reaffirmed a "sector weight" rating on shares of nCino in a research report on Monday, February 3rd. Truist Financial downgraded shares of nCino from a "buy" rating to a "hold" rating and dropped their price target for the stock from $44.00 to $21.00 in a research note on Wednesday, April 2nd. Bank of America lifted their price objective on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday, April 10th. Scotiabank raised their price target on nCino from $19.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday. Finally, Piper Sandler lowered their price target on nCino from $28.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $30.20.

nCino Company 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.