T. Rowe Price Investment Management Inc. Purchases 1,889,283 Shares of nCino, Inc. (NASDAQ:NCNO)

T. Rowe Price Investment Management Inc. boosted its stake in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 139.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,241,017 shares of the company's stock after buying an additional 1,889,283 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 2.80% of nCino worth $108,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp purchased a new stake in nCino during the 4th quarter valued at about $34,000. Hilltop National Bank purchased a new stake in shares of nCino during the fourth quarter valued at approximately $37,000. Asset Management One Co. Ltd. increased 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 valued at $78,000 after acquiring an additional 323 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock worth $152,000 after acquiring an additional 1,122 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in nCino in the 3rd quarter valued at approximately $189,000. 94.76% of the stock is currently owned by institutional investors.

nCino Stock Performance

NASDAQ:NCNO traded down $0.33 during mid-day trading on Wednesday, hitting $23.07. 140,015 shares of the company traded hands, compared to its average volume of 1,399,093. The stock's fifty day moving average price is $26.71 and its 200-day moving average price is $32.95. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -135.70, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69. nCino, Inc. has a one year low of $18.75 and a one 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.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 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 firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.21 earnings per share. Research analysts anticipate that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino announced that its Board of Directors has initiated a stock buyback program 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently weighed in on NCNO. Keefe, Bruyette & Woods decreased their price target on nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. KeyCorp reissued a "sector weight" rating on shares of nCino in a research report on Monday, February 3rd. Piper Sandler dropped their price target on shares of nCino from $28.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Raymond James decreased their price objective on shares of nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. Finally, Truist Financial cut shares of nCino from a "buy" rating to a "hold" rating and dropped their target price for the stock from $44.00 to $21.00 in a report on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, nCino presently has a consensus rating of "Hold" and an average target price of $30.40.

Insider Buying and Selling

In other nCino news, CEO Sean Desmond sold 2,301 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 296,296 shares in the company, valued at $6,610,363.76. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider April Rieger sold 4,325 shares of nCino 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 $140,995.00. Following the sale, the insider now owns 145,953 shares in the company, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,012 shares of company stock worth $2,694,676. 28.40% of the stock is owned by corporate insiders.

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.