JPMorgan Chase & Co. Sells 52,510 Shares of nCino Inc. $NCNO

JPMorgan Chase & Co. reduced its stake in nCino Inc. (NASDAQ:NCNO) by 4.1% during the second quarter, HoldingsChannel reports. The fund owned 1,217,468 shares of the company’s stock after selling 52,510 shares during the period. JPMorgan Chase & Co.’s holdings in nCino were worth $34,053,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. TD Asset Management Inc increased its stake in nCino by 0.5% during the 2nd quarter. TD Asset Management Inc now owns 69,820 shares of the company’s stock valued at $1,953,000 after purchasing an additional 340 shares in the last quarter. Wallace Advisory Group LLC grew its holdings in shares of nCino by 5.2% during the second quarter. Wallace Advisory Group LLC now owns 8,977 shares of the company’s stock valued at $247,000 after buying an additional 444 shares during the last quarter. Advisors Capital Management LLC increased its position in shares of nCino by 0.7% during the first quarter. Advisors Capital Management LLC now owns 66,270 shares of the company’s stock valued at $1,820,000 after acquiring an additional 479 shares in the last quarter. Covestor Ltd increased its position in shares of nCino by 27.6% during the first quarter. Covestor Ltd now owns 2,388 shares of the company’s stock valued at $66,000 after acquiring an additional 517 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in nCino by 15.2% in the 2nd quarter. Asset Management One Co. Ltd. now owns 4,284 shares of the company’s stock worth $120,000 after acquiring an additional 566 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Activity at nCino

In related news, Director Jeff Horing sold 3,889,254 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $116,677,620.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gregory Orenstein sold 4,353 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $25.81, for a total value of $112,350.93. Following the sale, the chief financial officer directly owned 461,746 shares of the company’s stock, valued at $11,917,664.26. This represents a 0.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,940,562 shares of company stock valued at $118,143,440 in the last three months. Corporate insiders own 5.70% of the company’s stock.

nCino Trading Down 0.2%

nCino stock opened at $24.46 on Wednesday. nCino Inc. has a 52-week low of $18.75 and a 52-week high of $42.88. The company has a market cap of $2.83 billion, a P/E ratio of -84.34, a P/E/G ratio of 15.44 and a beta of 0.53. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $25.64 and a two-hundred day simple moving average of $27.48.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NCNO shares. Piper Sandler lifted their target price on nCino from $28.00 to $34.00 and gave the stock a “neutral” rating in a report on Wednesday, August 27th. Citigroup reiterated an “outperform” rating on shares of nCino in a report on Wednesday, August 27th. Robert W. Baird boosted their target price on nCino from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 27th. Zacks Research raised shares of nCino from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Finally, UBS Group reiterated a “neutral” rating on shares of nCino in a research note on Wednesday, August 27th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, nCino currently has an average rating of “Moderate Buy” and a consensus price target of $33.94.

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.