Northern Trust Corp Grows Holdings in nCino, Inc. (NASDAQ:NCNO)

Northern Trust Corp grew its holdings in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 14.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 612,902 shares of the company's stock after purchasing an additional 75,592 shares during the quarter. Northern Trust Corp owned approximately 0.53% of nCino worth $20,581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Barclays PLC increased its holdings in nCino by 22.2% in the 3rd quarter. Barclays PLC now owns 73,014 shares of the company's stock worth $2,306,000 after acquiring an additional 13,252 shares in the last quarter. Mechanics Bank Trust Department purchased a new stake in nCino in the 4th quarter worth approximately $201,000. Janney Montgomery Scott LLC increased its holdings in nCino by 12.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 9,865 shares of the company's stock worth $331,000 after acquiring an additional 1,072 shares in the last quarter. Cottonwood Capital Advisors LLC purchased a new stake in nCino in the 4th quarter worth approximately $218,000. Finally, Fifth Third Bancorp purchased a new stake in nCino in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

nCino Price Performance

Shares of NASDAQ NCNO traded up $0.12 during midday trading on Friday, reaching $24.60. 1,371,975 shares of the stock traded hands, compared to its average volume of 1,452,557. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a market capitalization of $2.83 billion, a PE ratio of -144.70, a P/E/G ratio of 5.77 and a beta of 0.71. nCino, Inc. has a one year low of $18.75 and a one year high of $43.20. The company's 50 day moving average is $24.89 and its 200 day moving average is $31.77.

nCino (NASDAQ:NCNO - Get Free Report) last posted its earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.06). The firm had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm's revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.21 earnings per share. On average, equities research analysts anticipate that nCino, Inc. will post 0.12 earnings per share for the current year.

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

Insider Activity at nCino

In related news, CEO Sean Desmond sold 7,880 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 $164,376.80. Following the sale, the chief executive officer now owns 298,597 shares in the company, valued at approximately $6,228,733.42. This represents a 2.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Gregory Orenstein sold 12,101 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $252,426.86. Following the sale, the chief financial officer now owns 259,643 shares in the company, valued at $5,416,152.98. The trade was a 4.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,060 shares of company stock worth $3,101,115. Company insiders own 28.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. KeyCorp reissued a "sector weight" rating on shares of nCino in a report on Monday, February 3rd. Barclays reduced their target price on shares of nCino from $44.00 to $24.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. Bank of America increased their target price on shares of nCino from $22.00 to $26.00 and gave the stock a "neutral" rating in a report on Thursday, April 10th. Stephens restated an "equal weight" rating and issued a $38.00 price target on shares of nCino in a research note on Wednesday, April 2nd. Finally, UBS Group set a $40.00 price target on nCino in a research note on Friday, March 28th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, nCino has an average rating of "Hold" and an average price target of $30.40.

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.