Wasatch Advisors LP Buys 3,905,802 Shares of nCino, Inc. (NASDAQ:NCNO)

Wasatch Advisors LP increased its stake in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 171.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,177,783 shares of the company's stock after acquiring an additional 3,905,802 shares during the period. Wasatch Advisors LP owned about 5.34% of nCino worth $207,450,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp acquired a new stake in nCino in the 4th quarter worth about $34,000. Hilltop National Bank acquired a new stake in nCino during the fourth quarter worth approximately $37,000. Asset Management One Co. Ltd. raised its stake in nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock worth $78,000 after buying an additional 323 shares during the period. PNC Financial Services Group Inc. increased its position in shares of nCino by 32.9% during the fourth 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 in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in nCino during the 3rd quarter valued at $189,000. 94.76% of the stock is owned by institutional investors.

nCino Stock Down 2.6 %

Shares of NCNO traded down $0.63 during midday trading on Monday, reaching $23.32. 224,338 shares of the company were exchanged, compared to its average volume of 1,374,174. nCino, Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.72 billion, a price-to-earnings ratio of -137.17, a P/E/G ratio of 5.77 and a beta of 0.69. The stock has a 50-day moving average price of $28.19 and a 200-day moving average price of $33.39.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly earnings data 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 during 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%. The firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. Research analysts expect that nCino, Inc. will post 0.12 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

NCNO has been the subject of several research reports. Stephens reiterated an "equal weight" rating and set a $38.00 price target on shares of nCino in a research note on Wednesday, April 2nd. KeyCorp reissued a "sector weight" rating on shares of nCino in a research report on Monday, February 3rd. Morgan Stanley decreased their price target on shares of nCino from $39.00 to $23.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 2nd. Piper Sandler lowered their target price on nCino from $38.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Finally, Raymond James decreased their target price on nCino from $42.00 to $32.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, nCino has a consensus rating of "Hold" and an average price target of $30.60.

Insider Activity

In other news, 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 owns 306,477 shares of the company's stock, valued at approximately $9,991,150.20. This trade represents a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Pierre Naude sold 10,638 shares of the firm's stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total value of $237,333.78. Following the completion of the transaction, the director now owns 1,055,452 shares in the company, valued at approximately $23,547,134.12. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,012 shares of company stock valued at $2,694,676. Insiders own 28.40% of the company's stock.

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.