Fred Alger Management LLC Has $38.11 Million Stake in nCino Inc. $NCNO

Fred Alger Management LLC boosted its position in shares of nCino Inc. (NASDAQ:NCNO) by 49.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,486,337 shares of the company’s stock after purchasing an additional 490,644 shares during the period. Fred Alger Management LLC’s holdings in nCino were worth $38,110,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. CWM LLC grew its stake in nCino by 255.8% during the fourth quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $29,000 after buying an additional 821 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in nCino during the fourth quarter worth about $38,000. Farther Finance Advisors LLC grew its stake in nCino by 76.2% during the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock worth $43,000 after buying an additional 722 shares in the last quarter. Quarry LP grew its stake in nCino by 138.2% during the third quarter. Quarry LP now owns 1,701 shares of the company’s stock worth $46,000 after buying an additional 987 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in nCino by 105.3% during the third quarter. Fifth Third Bancorp now owns 1,915 shares of the company’s stock worth $52,000 after buying an additional 982 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NCNO shares. JPMorgan Chase & Co. reduced their price objective on shares of nCino from $30.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. Citizens Jmp reduced their price objective on shares of nCino from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, May 18th. Weiss Ratings upgraded shares of nCino from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, May 28th. Wall Street Zen upgraded shares of nCino from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of nCino from $36.00 to $24.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.21.

Insider Activity at nCino

In other news, CEO Sean Desmond sold 22,073 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $397,755.46. Following the completion of the transaction, the chief executive officer owned 1,271,016 shares of the company’s stock, valued at approximately $22,903,708.32. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 9,693 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $18.02, for a total transaction of $174,667.86. Following the completion of the transaction, the insider directly owned 383,601 shares of the company’s stock, valued at $6,912,490.02. This trade represents a 2.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 172,982 shares of company stock worth $3,032,059 over the last three months. 1.90% of the stock is owned by insiders.

nCino Stock Up 0.8%

NCNO stock opened at $14.86 on Wednesday. The stock has a market capitalization of $1.63 billion, a P/E ratio of 123.83 and a beta of 0.69. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $33.92. The firm has a 50-day moving average price of $16.55 and a 200-day moving average price of $19.17.

nCino (NASDAQ:NCNO) last posted its earnings results on Tuesday, March 31st. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.16. The firm had revenue of $149.67 million during the quarter, compared to analysts’ expectations of $147.41 million. nCino had a net margin of 2.17% and a return on equity of 6.85%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 earnings per share. As a group, equities research analysts anticipate that nCino Inc. will post 0.68 EPS for the current fiscal year.

nCino Company Profile

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.