Spyglass Capital Management LLC Acquires 175,357 Shares of nCino Inc. $NCNO

Spyglass Capital Management LLC grew its holdings in shares of nCino Inc. (NASDAQ:NCNO) by 6.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,085,237 shares of the company’s stock after buying an additional 175,357 shares during the period. nCino accounts for 3.3% of Spyglass Capital Management LLC’s portfolio, making the stock its 18th biggest position. Spyglass Capital Management LLC’s holdings in nCino were worth $46,217,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. CWM LLC increased its position in nCino by 255.8% during the 4th quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $29,000 after purchasing an additional 821 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of nCino during the 4th quarter valued at about $38,000. Farther Finance Advisors LLC increased its position in shares of nCino by 76.2% during the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock valued at $43,000 after buying an additional 722 shares during the period. Quarry LP raised its stake in nCino by 138.2% in 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, EverSource Wealth Advisors LLC raised its stake in nCino by 5,250.0% in the first quarter. EverSource Wealth Advisors LLC now owns 3,317 shares of the company’s stock worth $50,000 after buying an additional 3,255 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

nCino Trading Up 4.9%

Shares of NASDAQ NCNO opened at $18.51 on Wednesday. nCino Inc. has a 1 year low of $13.80 and a 1 year high of $33.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average of $16.24 and a 200 day moving average of $17.37. The stock has a market cap of $2.03 billion, a P/E ratio of 154.25 and a beta of 0.68.

Insiders Place Their Bets

In other news, SVP Jeanette Sellers sold 3,695 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $18.04, for a total value of $66,657.80. Following the sale, the senior vice president directly owned 50,876 shares of the company’s stock, valued at $917,803.04. The trade was a 6.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider April Rieger sold 9,693 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $174,667.86. Following the completion of the sale, the insider directly owned 383,601 shares in the company, valued at approximately $6,912,490.02. This represents a 2.46% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 119,964 shares of company stock valued at $2,143,529. Insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Piper Sandler raised nCino from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $30.00 to $22.00 in a research report on Wednesday, April 1st. Keefe, Bruyette & Woods restated an “outperform” rating on shares of nCino in a research note on Wednesday, June 24th. Wall Street Zen upgraded nCino from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. The Goldman Sachs Group dropped their price target on nCino from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Finally, Barclays upped their price target on nCino from $21.00 to $22.00 and gave the stock an “overweight” rating 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 assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, nCino presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.29.

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.