Senvest Management LLC Purchases 1,230,192 Shares of nCino Inc. $NCNO

Senvest Management LLC raised its position in nCino Inc. (NASDAQ:NCNO) by 30.2% in the first quarter, HoldingsChannel reports. The fund owned 5,308,468 shares of the company’s stock after purchasing an additional 1,230,192 shares during the quarter. nCino makes up approximately 2.6% of Senvest Management LLC’s holdings, making the stock its 13th largest holding. Senvest Management LLC’s holdings in nCino were worth $79,521,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NCNO. CWM LLC raised its position in shares of nCino by 255.8% during the fourth quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $29,000 after purchasing an additional 821 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of nCino in the 4th quarter worth $38,000. Farther Finance Advisors LLC grew its position in nCino by 76.2% in the 4th quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock valued at $43,000 after purchasing an additional 722 shares during the period. Quarry LP grew its position in nCino by 138.2% in the 3rd quarter. Quarry LP now owns 1,701 shares of the company’s stock valued at $46,000 after purchasing an additional 987 shares during the period. Finally, Advisory Services Network LLC bought a new stake in nCino during the 3rd quarter valued at $65,000. Institutional investors own 94.76% of the company’s stock.

nCino Trading Up 2.1%

NASDAQ NCNO opened at $16.56 on Friday. The firm has a market capitalization of $1.81 billion, a P/E ratio of 138.00 and a beta of 0.68. The business has a fifty day simple moving average of $16.12 and a 200 day simple moving average of $17.52. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $33.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of nCino from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Barclays lifted their price objective on shares of nCino from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. Robert W. Baird decreased their target price on shares of nCino from $34.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods restated an “outperform” rating on shares of nCino in a report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. raised their price target on shares of nCino from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.29.

Insider Activity

In other news, CFO Gregory Orenstein sold 14,650 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $263,993.00. Following the completion of the sale, the chief financial officer owned 702,293 shares in the company, valued at $12,655,319.86. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sean Desmond sold 22,073 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $397,755.46. Following the transaction, the chief executive officer directly owned 1,271,016 shares in the company, valued at $22,903,708.32. The trade was a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 119,964 shares of company stock worth $2,143,529. Company insiders own 1.90% of the company’s stock.

nCino Profile

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.