Raymond James Financial Inc. Makes New Investment in nCino, Inc. (NASDAQ:NCNO)

Raymond James Financial Inc. bought a new position in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,171,341 shares of the company's stock, valued at approximately $39,334,000. Raymond James Financial Inc. owned 1.01% of nCino as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Franklin Resources Inc. raised its holdings in nCino by 46.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company's stock worth $38,327,000 after acquiring an additional 344,269 shares during the period. Conestoga Capital Advisors LLC bought a new position in shares of nCino in the fourth quarter worth about $70,256,000. Synovus Financial Corp acquired a new position in shares of nCino during the 3rd quarter worth about $656,000. Amundi lifted its position in shares of nCino by 312.1% during the 4th quarter. Amundi now owns 6,004 shares of the company's stock worth $201,000 after purchasing an additional 4,547 shares during the last quarter. Finally, Barclays PLC boosted its stake in nCino by 22.2% during the 3rd quarter. Barclays PLC now owns 73,014 shares of the company's stock valued at $2,306,000 after purchasing an additional 13,252 shares during the period. Institutional investors own 94.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reduced their price objective on nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Piper Sandler reduced their price target on shares of nCino from $38.00 to $28.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Scotiabank restated a "sector perform" rating and set a $19.00 price objective (down previously from $35.00) on shares of nCino 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 company a "neutral" rating in a research note on Thursday, April 10th. Finally, UBS Group set a $40.00 price target on nCino in a research note on Friday, March 28th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $30.60.

Insider Activity at nCino

In other news, VP Jeanette Sellers sold 2,501 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $21.51, for a total transaction of $53,796.51. Following the sale, the vice president now directly owns 19,099 shares of the company's stock, valued at $410,819.49. This represents a 11.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sean Desmond sold 5,034 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the completion of the sale, the chief executive officer now directly owns 306,477 shares of the company's stock, valued at approximately $9,991,150.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,012 shares of company stock valued at $2,694,676 in the last three months. Corporate insiders own 28.40% of the company's stock.

nCino Price Performance

nCino stock traded down $0.62 during mid-day trading on Monday, hitting $23.33. 43,157 shares of the company were exchanged, compared to its average volume of 1,373,436. nCino, Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. The business has a fifty day moving average of $28.19 and a 200 day moving average of $33.39. The company has a market capitalization of $2.72 billion, a PE ratio of -137.45, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 earnings per share. As a group, sell-side analysts expect that nCino, Inc. will post 0.12 earnings per share for the current year.

nCino announced that its board has approved a stock buyback plan on Tuesday, April 1st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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.