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

Northern Trust Corp lifted its position in nCino, Inc. (NASDAQ:NCNO - Free Report) by 14.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 612,902 shares of the company's stock after purchasing an additional 75,592 shares during the quarter. Northern Trust Corp owned about 0.53% of nCino worth $20,581,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Asset Management One Co. Ltd. lifted its position in shares of nCino by 16.5% during 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 in the last quarter. Victory Capital Management Inc. lifted its position in shares of nCino by 2.9% during the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock worth $407,000 after purchasing an additional 340 shares in the last quarter. Berry Wealth Group LP lifted its position in shares of nCino by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company's stock worth $276,000 after purchasing an additional 400 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of nCino by 2.2% during the fourth quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company's stock worth $772,000 after purchasing an additional 500 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of nCino by 1.2% during the fourth quarter. Sterling Capital Management LLC now owns 48,945 shares of the company's stock worth $1,644,000 after purchasing an additional 583 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Transactions at nCino

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

nCino Stock Up 0.6%

NCNO stock traded up $0.15 during midday trading on Monday, reaching $24.75. 2,238,968 shares of the company were exchanged, compared to its average volume of 1,459,987. 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 1-year low of $18.75 and a 1-year high of $43.20. The stock's 50-day simple moving average is $24.80 and its 200 day simple moving average is $31.60. The company has a market cap of $2.85 billion, a price-to-earnings ratio of -145.58, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71.

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 analysts' consensus estimates of $0.18 by ($0.06). The company had revenue of $141.37 million for the quarter, compared to analyst estimates of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.21 EPS. On average, equities analysts forecast that nCino, Inc. will post 0.12 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NCNO. Keefe, Bruyette & Woods reduced their price target on shares of nCino from $40.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. 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 research report on Wednesday, April 2nd. Stephens reissued an "equal weight" rating and set a $38.00 price target on shares of nCino in a research report on Wednesday, April 2nd. UBS Group set a $40.00 price target on shares of nCino in a research report on Friday, March 28th. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $19.00 target price (down previously from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $30.40.

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.