The Manufacturers Life Insurance Company acquired a new position in shares of nCino Inc. (NASDAQ:NCNO – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 55,107 shares of the company’s stock, valued at approximately $901,000.
Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in nCino during the 2nd quarter valued at $147,492,000. Hawk Ridge Capital Management LP raised its holdings in shares of nCino by 625.4% in the first quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company’s stock worth $67,138,000 after acquiring an additional 3,864,010 shares during the last quarter. Algebris UK Ltd. acquired a new position in shares of nCino in the second quarter worth $39,352,000. Bank of America Corp DE lifted its position in shares of nCino by 475.1% in the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company’s stock valued at $68,146,000 after acquiring an additional 2,076,579 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of nCino by 262.8% in the fourth quarter. Millennium Management LLC now owns 2,341,532 shares of the company’s stock valued at $60,037,000 after acquiring an additional 1,696,051 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. Piper Sandler assumed coverage on nCino in a research report on Monday, August 24th. They set an “overweight” rating and a $25.00 price objective for the company. Truist Financial upped their target price on shares of nCino from $19.00 to $20.00 and gave the company a “hold” rating in a report on Wednesday, August 26th. BTIG Research reaffirmed a “neutral” rating on shares of nCino in a research note on Wednesday, August 26th. The Goldman Sachs Group lowered their price target on shares of nCino from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of nCino in a research report on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.38.
Insider Activity at nCino
In related news, SVP Jeanette Sellers sold 1,536 shares of nCino stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.53, for a total value of $29,998.08. Following the transaction, the senior vice president owned 48,453 shares in the company, valued at approximately $946,287.09. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 7,852 shares of nCino stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $150,915.44. Following the completion of the transaction, the insider owned 375,749 shares in the company, valued at $7,221,895.78. The trade was a 2.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 75,976 shares of company stock worth $1,452,687. 1.90% of the stock is owned by corporate insiders.
nCino Stock Performance
NASDAQ:NCNO opened at $23.12 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.34. The company has a market cap of $2.44 billion, a P/E ratio of 77.07 and a beta of 0.69. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $31.92. The firm’s 50 day moving average is $19.17 and its two-hundred day moving average is $17.17.
About nCino
nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.
Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.
Read More
- Five stocks we like better than nCino
- Zscaler’s Strong Quarter Still Left Investors Waiting on 1 Key Signal
- Is Duolingo the Next Netflix-Style Comeback Story?
- GitLab’s AI Tools Are Starting to Turn Developer Demand Into Real Revenue
- GTA VI’s Console Problem Isn’t Take-Two’s Problem
Want to see what other hedge funds are holding NCNO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for nCino Inc. (NASDAQ:NCNO – Free Report).
Receive News & Ratings for nCino Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for nCino and related companies with MarketBeat.com's FREE daily email newsletter.
