Sit Investment Associates Inc. Trims Stake in nCino, Inc. (NASDAQ:NCNO)

Sit Investment Associates Inc. lessened its position in nCino, Inc. (NASDAQ:NCNO) by 9.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 55,470 shares of the company’s stock after selling 5,897 shares during the quarter. Sit Investment Associates Inc.’s holdings in nCino were worth $1,863,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp purchased a new position in nCino during the fourth quarter valued at $34,000. Hilltop National Bank bought a new position in shares of nCino in the 4th quarter worth about $37,000. Asset Management One Co. Ltd. lifted its position in nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after acquiring an additional 323 shares during the period. PNC Financial Services Group Inc. boosted its stake in nCino by 32.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in nCino in the third quarter worth about $189,000. 94.76% of the stock is currently owned by institutional investors.

nCino Stock Performance

Shares of NCNO stock opened at $21.45 on Monday. The business’s fifty day simple moving average is $30.58 and its 200-day simple moving average is $34.03. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 12-month low of $18.75 and a 12-month high of $43.20. The company has a market cap of $2.48 billion, a PE ratio of -126.17, a PEG ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO) last released its earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). The firm 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 company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the firm earned $0.21 EPS. Analysts expect that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino announced that its board has initiated 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 reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

NCNO has been the subject of several recent research reports. Needham & Company LLC lowered their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Barclays lowered their price objective on nCino from $44.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. KeyCorp reissued a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Scotiabank reaffirmed a “sector perform” rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a research report on Wednesday, April 2nd. Finally, Bank of America downgraded shares of nCino from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research report on Wednesday, April 2nd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.33.

Insider Buying and Selling

In other news, CFO Gregory Orenstein sold 12,101 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $252,426.86. Following the completion of the sale, the chief financial officer now owns 259,643 shares of the company’s stock, valued at $5,416,152.98. The trade was a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider April Rieger sold 4,325 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $140,995.00. Following the transaction, the insider now directly owns 145,953 shares of the company’s stock, valued at $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,988 shares of company stock valued at $2,294,561. Corporate insiders own 28.40% of the company’s stock.

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.