Senator Investment Group LP Cuts Stock Holdings in nCino, Inc. (NASDAQ:NCNO)

Senator Investment Group LP trimmed its position in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 18.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,276,686 shares of the company's stock after selling 294,994 shares during the quarter. Senator Investment Group LP owned approximately 1.10% of nCino worth $42,871,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in nCino by 46.0% in the third quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company's stock valued at $38,327,000 after buying an additional 344,269 shares during the period. Conestoga Capital Advisors LLC acquired a new position in shares of nCino in the 4th quarter valued at $70,256,000. Synovus Financial Corp acquired a new position in shares of nCino in the 3rd quarter valued at $656,000. Amundi boosted its position in shares of nCino by 312.1% in 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 grew its stake in shares of nCino by 22.2% during the third quarter. Barclays PLC now owns 73,014 shares of the company's stock worth $2,306,000 after purchasing an additional 13,252 shares during the period. Institutional investors and hedge funds own 94.76% of the company's stock.

Insider Buying and Selling at nCino

In related news, CEO Sean Desmond sold 2,301 shares of the stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $22.31, for a total value of $51,335.31. Following the transaction, the chief executive officer now directly owns 296,296 shares in the company, valued at $6,610,363.76. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gregory Orenstein sold 5,148 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $167,824.80. Following the sale, the chief financial officer now owns 271,744 shares of the company's stock, valued at $8,858,854.40. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,012 shares of company stock valued at $2,694,676. Company insiders own 28.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NCNO shares. Morgan Stanley reduced their price objective on shares of nCino from $39.00 to $23.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 2nd. The Goldman Sachs Group cut shares of nCino from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Barclays lowered their price objective 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 reissued an "equal weight" rating and issued a $38.00 target price on shares of nCino in a research note on Wednesday, April 2nd. Finally, Truist Financial lowered 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 report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, nCino currently has a consensus rating of "Hold" and a consensus price target of $30.40.

nCino Trading Down 0.6 %

NASDAQ:NCNO traded down $0.14 during trading hours on Friday, hitting $23.04. 1,925,572 shares of the company were exchanged, compared to its average volume of 1,397,103. The company has a fifty day simple moving average of $27.10 and a 200 day simple moving average of $33.09. nCino, Inc. has a one year low of $18.75 and a one year high of $43.20. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -135.52, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO - Get Free Report) last announced its earnings results 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 firm had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. nCino's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 EPS. Sell-side analysts expect that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino declared that its board has authorized a stock repurchase program on Tuesday, April 1st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board 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.