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JPMorgan Chase & Co. lessened its holdings in nCino, Inc. (NASDAQ:NCNO – Free Report) by 27.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,285,258 shares of the company’s stock after selling 491,083 shares during the quarter. JPMorgan Chase & Co.’s holdings in nCino were worth $43,159,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of nCino by 51.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock valued at $17,588,000 after buying an additional 189,283 shares during the period. The Manufacturers Life Insurance Company raised its stake in nCino by 16.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 23,884 shares of the company’s stock valued at $754,000 after acquiring an additional 3,417 shares during the period. FMR LLC lifted its holdings in nCino by 2.4% during the third quarter. FMR LLC now owns 1,237,227 shares of the company’s stock valued at $39,084,000 after purchasing an additional 29,501 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in nCino by 47.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,605 shares of the company’s stock worth $398,000 after purchasing an additional 4,063 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of nCino by 17.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 144,757 shares of the company’s stock worth $4,573,000 after purchasing an additional 21,576 shares in the last quarter. 94.76% of the stock is owned by institutional investors.
Insider Transactions at nCino
In related news, Director Pierre Naude sold 31,123 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $649,225.78. Following the sale, the director now directly owns 1,066,090 shares of the company’s stock, valued at $22,238,637.40. This represents a 2.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sean Desmond sold 7,880 shares of the firm’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 value of $164,376.80. Following the sale, the chief executive officer now directly owns 298,597 shares of the company’s stock, valued at $6,228,733.42. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 91,988 shares of company stock worth $2,294,561 in the last three months. Insiders own 28.40% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. Needham & Company LLC reduced their price objective on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their price objective on nCino from $40.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday. William Blair downgraded nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Piper Sandler decreased their price target on nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Finally, UBS Group set a $40.00 price objective on shares of nCino in a research report on Friday, March 28th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $30.33.
Get Our Latest Analysis on NCNO
nCino Trading Down 1.2 %
Shares of nCino stock opened at $21.45 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The company has a fifty day moving average of $30.58 and a 200 day moving average of $34.03. The company has a market capitalization of $2.48 billion, a P/E ratio of -126.17, a P/E/G ratio of 5.77 and a beta of 0.69.
nCino (NASDAQ:NCNO – Get Free Report) last posted its earnings results 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 company had revenue of $141.37 million for the quarter, compared to analysts’ expectations of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 earnings per share. On average, sell-side analysts anticipate that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.
nCino announced that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
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.
Further Reading
Want to see what other hedge funds are holding NCNO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for nCino, Inc. (NASDAQ:NCNO – Free Report).
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