Massachusetts Financial Services Co. MA Makes New Investment in nCino, Inc. (NASDAQ:NCNO)

Massachusetts Financial Services Co. MA bought a new stake in nCino, Inc. (NASDAQ:NCNO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,419,727 shares of the company's stock, valued at approximately $81,254,000. Massachusetts Financial Services Co. MA owned about 2.09% of nCino as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Franklin Resources Inc. lifted 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 in the last quarter. Verition Fund Management LLC acquired a new stake in nCino in the 3rd quarter valued at $594,000. Charles Schwab Investment Management Inc. lifted its position in nCino by 51.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company's stock worth $17,588,000 after buying an additional 189,283 shares in the last quarter. Bullseye Asset Management LLC boosted its stake in shares of nCino by 58.5% during the 3rd quarter. Bullseye Asset Management LLC now owns 140,878 shares of the company's stock worth $4,451,000 after buying an additional 52,000 shares during the last quarter. Finally, Conestoga Capital Advisors LLC bought a new position in shares of nCino in the 4th quarter valued at about $70,256,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Insiders Place Their Bets

In other news, insider April Rieger sold 7,881 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was 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 of the company's stock, valued at approximately $2,880,181.92. The trade was a 5.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jeanette Sellers sold 2,501 shares of the firm's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $21.51, for a total value of $53,796.51. Following the completion of the sale, the vice president now directly owns 19,099 shares in the company, valued at $410,819.49. This trade represents a 11.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 94,489 shares of company stock worth $2,348,358 over the last ninety days. Corporate insiders own 28.40% of the company's stock.

nCino Stock Performance

Shares of NASDAQ:NCNO traded down $1.39 on Thursday, reaching $23.04. 699,771 shares of the company's stock were exchanged, compared to its average volume of 1,347,840. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a twelve month low of $18.75 and a twelve month high of $43.20. The company has a fifty day moving average of $29.44 and a 200-day moving average of $33.72. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -135.25, a PEG ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.06). The company 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%. The company's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 EPS. On average, research analysts predict that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino declared that its board has approved a share repurchase program on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NCNO shares. Keefe, Bruyette & Woods dropped their price target on shares of nCino from $40.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Needham & Company LLC dropped their target price on shares of nCino from $45.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Piper Sandler reduced their price target on nCino from $38.00 to $28.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Stephens restated an "equal weight" rating and issued a $38.00 price objective on shares of nCino in a research note on Wednesday, April 2nd. Finally, William Blair downgraded nCino from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, nCino currently has an average rating of "Hold" and a consensus target price of $30.60.

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.