nCino Inc. $NCNO Shares Sold by Capital Research Global Investors

Capital Research Global Investors reduced its holdings in shares of nCino Inc. (NASDAQ:NCNO) by 21.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,229,082 shares of the company’s stock after selling 597,837 shares during the quarter. Capital Research Global Investors owned approximately 1.92% of nCino worth $60,430,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of NCNO. Long Path Partners LP grew its holdings in shares of nCino by 61.1% during the second quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock worth $133,917,000 after purchasing an additional 1,815,868 shares during the last quarter. Spyglass Capital Management LLC purchased a new position in shares of nCino during the second quarter worth approximately $44,190,000. Owls Nest Partners IA LLC acquired a new position in shares of nCino in the 2nd quarter valued at $33,442,000. Hood River Capital Management LLC purchased a new stake in nCino in the 2nd quarter valued at $28,183,000. Finally, Balyasny Asset Management L.P. acquired a new stake in nCino during the 2nd quarter worth $26,238,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Stock Performance

Shares of NCNO stock opened at $15.78 on Thursday. The company has a 50 day moving average price of $20.05 and a 200 day moving average price of $24.40. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -87.67, a price-to-earnings-growth ratio of 3.13 and a beta of 0.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.01 and a current ratio of 1.01. nCino Inc. has a one year low of $13.80 and a one year high of $33.92.

nCino announced that its board has authorized a stock repurchase plan on Monday, December 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at nCino

In other news, CEO Sean Desmond sold 16,047 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $299,757.96. Following the completion of the sale, the chief executive officer owned 602,550 shares of the company’s stock, valued at $11,255,634. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pierre Naude sold 24,273 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $453,419.64. Following the completion of the sale, the director owned 1,166,823 shares of the company’s stock, valued at approximately $21,796,253.64. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 71,310 shares of company stock valued at $1,382,650 over the last quarter. Company insiders own 5.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NCNO shares. Barclays lowered their price objective on shares of nCino from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Monday, January 5th. Needham & Company LLC reissued a “buy” rating and set a $38.00 target price on shares of nCino in a research note on Thursday, December 4th. Piper Sandler reduced their price objective on shares of nCino from $34.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, December 4th. Zacks Research downgraded nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Finally, Truist Financial reduced their price target on shares of nCino from $32.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, December 4th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.33.

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.