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Voya Investment Management LLC cut its holdings in shares of nCino, Inc. (NASDAQ:NCNO – Free Report) by 3.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 26,802 shares of the company’s stock after selling 1,098 shares during the period. Voya Investment Management LLC’s holdings in nCino were worth $900,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in NCNO. Fifth Third Bancorp purchased a new stake in shares of nCino during the fourth quarter worth $34,000. Hilltop National Bank acquired a new position in nCino during the 4th quarter worth $37,000. Asset Management One Co. Ltd. increased its holdings 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 purchasing an additional 323 shares during the period. PNC Financial Services Group Inc. raised its position in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after purchasing an additional 1,122 shares in the last quarter. Finally, Mechanics Bank Trust Department purchased a new position in shares of nCino in the 4th quarter valued at about $201,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other nCino news, VP Jeanette Sellers sold 2,167 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $22.79, for a total transaction of $49,385.93. Following the completion of the sale, the vice president now directly owns 27,108 shares of the company’s stock, valued at approximately $617,791.32. This trade represents a 7.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sean Desmond sold 7,880 shares of nCino stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $164,376.80. Following the completion of the transaction, the chief executive officer now owns 298,597 shares in the company, valued at $6,228,733.42. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 141,060 shares of company stock valued at $3,101,115 over the last quarter. 28.40% of the stock is currently owned by insiders.
nCino Price Performance
Shares of NASDAQ NCNO opened at $22.15 on Wednesday. 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 stock has a market cap of $2.55 billion, a P/E ratio of -130.29, a P/E/G ratio of 5.77 and a beta of 0.71. The stock has a 50 day moving average of $25.84 and a two-hundred day moving average of $32.49. nCino, Inc. has a twelve month low of $18.75 and a twelve month high of $43.20.
nCino (NASDAQ:NCNO – Get Free Report) last issued its quarterly 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 business had revenue of $141.37 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. On average, research analysts forecast 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 buyback plan on Tuesday, April 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. Bank of America raised their target price on shares of nCino from $22.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, April 10th. Raymond James reduced their price objective on shares of nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Barclays lowered their target price on shares of nCino from $44.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Morgan Stanley cut their price target on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 2nd. Finally, UBS Group set a $40.00 price target on nCino in a report on Friday, March 28th. Ten investment 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, nCino presently has an average rating of “Hold” and an average price target of $30.40.
View Our Latest Report on nCino
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.
Further Reading
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).
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