Wasatch Advisors LP Buys 3,905,802 Shares of nCino, Inc. (NASDAQ:NCNO)

Wasatch Advisors LP raised its stake in nCino, Inc. (NASDAQ:NCNO) by 171.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 6,177,783 shares of the company’s stock after buying an additional 3,905,802 shares during the quarter. Wasatch Advisors LP owned about 0.05% of nCino worth $207,450,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of NCNO. Franklin Resources Inc. increased its position in shares of nCino by 46.0% in the third quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company’s stock worth $38,327,000 after purchasing an additional 344,269 shares during the period. Conestoga Capital Advisors LLC bought a new position in nCino in the 4th quarter valued at about $70,256,000. Synovus Financial Corp acquired a new position in shares of nCino in the 3rd quarter valued at approximately $656,000. Barclays PLC lifted its holdings in shares of nCino by 22.2% during the 3rd quarter. Barclays PLC now owns 73,014 shares of the company’s stock worth $2,306,000 after acquiring an additional 13,252 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in shares of nCino by 11.4% during the 3rd quarter. HighTower Advisors LLC now owns 16,906 shares of the company’s stock worth $531,000 after acquiring an additional 1,724 shares during the period. 94.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on NCNO. Raymond James lowered their price objective on shares of nCino from $42.00 to $32.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. UBS Group set a $40.00 price target on nCino in a report on Friday, March 28th. Scotiabank restated a “sector perform” rating and set a $19.00 price objective (down from $35.00) on shares of nCino in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their target price on nCino from $40.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Finally, Barclays dropped their target price on shares of nCino from $44.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, nCino presently has a consensus rating of “Hold” and an average price target of $30.60.

nCino Stock Up 1.5 %

NASDAQ:NCNO opened at $24.02 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. nCino, Inc. has a one year low of $18.75 and a one year high of $43.20. The firm’s 50 day simple moving average is $28.73 and its 200 day simple moving average is $33.53. The company has a market cap of $2.80 billion, a PE ratio of -141.29, a P/E/G ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO) last issued its quarterly 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 business 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%. nCino’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 EPS. On average, research analysts anticipate that nCino, Inc. will post 0.12 earnings per share for the current year.

nCino declared that its board has authorized a stock buyback program on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other nCino news, insider April Rieger sold 7,881 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $164,397.66. Following the completion of the transaction, the insider now owns 138,072 shares in the company, valued at approximately $2,880,181.92. This trade represents a 5.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gregory Orenstein sold 12,101 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $252,426.86. Following the completion of the transaction, the chief financial officer now owns 259,643 shares in the company, valued at $5,416,152.98. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,012 shares of company stock valued at $2,694,676. 28.40% of the stock is currently owned by company insiders.

nCino Company 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.