Daventry Group LP Has $34.52 Million Stock Position in nCino, Inc. (NASDAQ:NCNO)

Daventry Group LP increased its position in nCino, Inc. (NASDAQ:NCNO - Free Report) by 19.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,027,878 shares of the company's stock after purchasing an additional 169,146 shares during the period. nCino makes up approximately 13.2% of Daventry Group LP's holdings, making the stock its 3rd biggest position. Daventry Group LP owned 0.89% of nCino worth $34,516,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp bought a new position in nCino during the 4th quarter valued at about $34,000. Hilltop National Bank bought a new position in nCino during the 4th quarter valued at about $37,000. Johnson Financial Group Inc. bought a new position in nCino during the 4th quarter valued at about $57,000. Asset Management One Co. Ltd. lifted its stake in nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after acquiring an additional 323 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after acquiring an additional 1,122 shares during the period. Institutional investors own 94.76% of the company's stock.

Insider Activity at nCino

In related news, Director Pierre Naude sold 31,123 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $649,225.78. Following the completion of the sale, the director now directly owns 1,066,090 shares in the company, valued at $22,238,637.40. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider April Rieger sold 6,589 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $151,547.00. Following the completion of the sale, the insider now owns 243,551 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 141,060 shares of company stock valued at $3,101,115. 28.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NCNO shares. Barclays reduced their price target on shares of nCino from $44.00 to $24.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. Stephens reaffirmed an "equal weight" rating and set a $38.00 price target on shares of nCino in a research report on Wednesday, April 2nd. Truist Financial lowered shares of nCino from a "buy" rating to a "hold" rating and reduced their price target for the company from $44.00 to $21.00 in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their price target on shares of nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Finally, Morgan Stanley reduced their price target on shares of nCino from $39.00 to $23.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $30.40.

nCino Price Performance

NCNO traded up $0.61 during trading on Monday, reaching $24.64. 404,236 shares of the company traded hands, compared to its average volume of 1,432,800. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino, Inc. has a 12-month low of $18.75 and a 12-month high of $43.20. The firm has a fifty day simple moving average of $25.42 and a 200 day simple moving average of $32.17. The company has a market cap of $2.84 billion, a P/E ratio of -144.93, a PEG ratio of 5.77 and a beta of 0.71.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $140.81 million. During the same period last year, the business earned $0.21 earnings per share. The company's quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities analysts forecast that nCino, Inc. will post 0.12 EPS for the current year.

nCino announced that its board has authorized a stock repurchase program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are 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.