Geode Capital Management LLC Purchases 313,637 Shares of nCino, Inc. (NASDAQ:NCNO)

Geode Capital Management LLC grew its holdings in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 26.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,517,512 shares of the company's stock after acquiring an additional 313,637 shares during the quarter. Geode Capital Management LLC owned about 1.31% of nCino worth $47,951,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crewe Advisors LLC bought a new stake in nCino during the second quarter worth about $26,000. Asset Management One Co. Ltd. boosted its stake in nCino by 21.1% in the third quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company's stock worth $62,000 after buying an additional 341 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in nCino by 97.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company's stock valued at $87,000 after acquiring an additional 1,358 shares during the last quarter. West Tower Group LLC purchased a new position in shares of nCino during the third quarter worth approximately $126,000. Finally, Northwest & Ethical Investments L.P. bought a new stake in shares of nCino in the 3rd quarter worth approximately $152,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NCNO shares. Truist Financial reaffirmed a "buy" rating and set a $44.00 target price (up previously from $37.00) on shares of nCino in a report on Monday, October 21st. Morgan Stanley decreased their price objective on nCino from $41.00 to $39.00 and set an "equal weight" rating on the stock in a report on Friday, December 6th. UBS Group initiated coverage on nCino in a report on Monday, December 16th. They set a "buy" rating and a $44.00 target price for the company. Piper Sandler restated a "neutral" rating and set a $38.00 price target on shares of nCino in a research report on Thursday, December 5th. Finally, Scotiabank increased their price objective on nCino from $36.00 to $46.00 and gave the company a "sector outperform" rating in a research note on Wednesday, December 4th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.50.

Insider Activity

In other news, Director Jeff Horing sold 4,474,158 shares of nCino stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $35.75, for a total transaction of $159,951,148.50. Following the completion of the transaction, the director now directly owns 4,513,467 shares in the company, valued at approximately $161,356,445.25. This trade represents a 49.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Ruh sold 10,000 shares of the business's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $37.50, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 226,201 shares in the company, valued at approximately $8,482,537.50. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,418,237 shares of company stock worth $340,474,175 in the last quarter. 28.40% of the stock is owned by company insiders.

nCino Stock Up 0.3 %

nCino stock traded up $0.09 during trading hours on Tuesday, hitting $35.27. 405,218 shares of the stock traded hands, compared to its average volume of 1,124,455. nCino, Inc. has a one year low of $28.09 and a one year high of $43.20. The firm's 50-day moving average price is $38.65 and its two-hundred day moving average price is $34.08. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The company has a market cap of $4.08 billion, a PE ratio of -207.46, a PEG ratio of 16.39 and a beta of 0.59.

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.