Malaga Cove Capital LLC Has $934,000 Stock Position in nCino, Inc. (NASDAQ:NCNO)

Malaga Cove Capital LLC increased its position in shares of nCino, Inc. (NASDAQ:NCNO) by 104.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,817 shares of the company’s stock after buying an additional 14,203 shares during the period. Malaga Cove Capital LLC’s holdings in nCino were worth $934,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in nCino by 4.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 87,668 shares of the company’s stock valued at $2,944,000 after acquiring an additional 3,983 shares during the period. Lazard Asset Management LLC lifted its position in shares of nCino by 24.7% during the 4th quarter. Lazard Asset Management LLC now owns 34,011 shares of the company’s stock worth $1,142,000 after purchasing an additional 6,728 shares during the last quarter. LMR Partners LLP bought a new stake in nCino during the 4th quarter valued at approximately $13,432,000. Lighthouse Investment Partners LLC acquired a new stake in nCino in the 4th quarter valued at approximately $997,000. Finally, Janus Henderson Group PLC increased its position in nCino by 0.9% in the 4th quarter. Janus Henderson Group PLC now owns 473,659 shares of the company’s stock worth $15,906,000 after buying an additional 4,418 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

nCino Stock Performance

nCino stock opened at $23.91 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a fifty day moving average price of $25.18 and a two-hundred day moving average price of $32.02. nCino, Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The firm has a market capitalization of $2.75 billion, a P/E ratio of -140.64, a P/E/G ratio of 5.77 and a beta of 0.71.

nCino (NASDAQ:NCNO) last issued its earnings results 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 during the quarter, compared to analyst estimates 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 prior year, the firm posted $0.21 EPS. As a group, analysts anticipate that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has initiated 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 purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at nCino

In related news, CEO Sean Desmond sold 7,880 shares of the firm’s 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 sale, the chief executive officer now owns 298,597 shares of the company’s stock, valued at $6,228,733.42. This trade represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeanette Sellers sold 2,501 shares of the company’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $21.51, for a total value of $53,796.51. Following the transaction, the vice president now directly owns 19,099 shares in the company, valued at approximately $410,819.49. This represents a 11.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 141,060 shares of company stock valued at $3,101,115 in the last three months. Corporate insiders own 28.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NCNO. The Goldman Sachs Group cut nCino from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Truist Financial lowered shares of nCino from a “buy” rating to a “hold” rating and decreased their price target for the stock from $44.00 to $21.00 in a research report on Wednesday, April 2nd. William Blair lowered shares of nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Needham & Company LLC reduced their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, Barclays lowered their price target on nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $30.40.

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.