Synovus Financial Corp Sells 5,379 Shares of nCino, Inc. (NASDAQ:NCNO)

Synovus Financial Corp decreased its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 25.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,384 shares of the company’s stock after selling 5,379 shares during the quarter. Synovus Financial Corp’s holdings in nCino were worth $517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NCNO. Fifth Third Bancorp bought a new stake in shares of nCino in the fourth quarter valued at approximately $34,000. Hilltop National Bank acquired a new position in nCino during the 4th quarter valued at $37,000. Asset Management One Co. Ltd. boosted its holdings in nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after purchasing an additional 323 shares during the period. PNC Financial Services Group Inc. grew its position in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of nCino during the third quarter valued at about $189,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group downgraded nCino from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Barclays lowered their price objective on nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley reduced their target price on nCino from $39.00 to $23.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 2nd. Raymond James dropped their price objective on shares of nCino from $42.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of nCino from $40.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.60.

nCino Stock Up 0.1 %

Shares of NASDAQ NCNO opened at $23.95 on Friday. The firm has a 50 day moving average price of $28.38 and a 200 day moving average price of $33.41. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market cap of $2.79 billion, a P/E ratio of -140.87, a P/E/G ratio of 5.77 and a beta of 0.69. nCino, Inc. has a 52-week low of $18.75 and a 52-week high of $43.20.

nCino (NASDAQ:NCNO) last released its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. Analysts expect that nCino, Inc. will post 0.12 EPS for the current year.

nCino announced that its Board of Directors has initiated a share buyback program on Tuesday, April 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at nCino

In other nCino news, Director Pierre Naude sold 17,026 shares of nCino stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $555,047.60. Following the completion of the sale, the director now owns 1,097,213 shares in the company, valued at $35,769,143.80. The trade was a 1.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sean Desmond sold 2,301 shares of the stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $22.31, for a total transaction of $51,335.31. Following the transaction, the chief executive officer now owns 296,296 shares in the company, valued at approximately $6,610,363.76. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,012 shares of company stock worth $2,694,676 over the last quarter. Company 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.