JPMorgan Chase & Co. Cuts Stake in nCino, Inc. (NASDAQ:NCNO)

JPMorgan Chase & Co. reduced its stake in nCino, Inc. (NASDAQ:NCNO - Free Report) by 27.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,285,258 shares of the company's stock after selling 491,083 shares during the period. JPMorgan Chase & Co. owned approximately 1.11% of nCino worth $43,159,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of NCNO. Fifth Third Bancorp acquired a new stake in shares of nCino during the fourth quarter valued at about $34,000. Hilltop National Bank acquired a new stake in nCino in the 4th quarter valued at approximately $37,000. Asset Management One Co. Ltd. increased its holdings in nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after purchasing an additional 323 shares during the last quarter. PNC Financial Services Group Inc. raised its position in nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after purchasing an additional 1,122 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in nCino during the third quarter worth $189,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NCNO. Keefe, Bruyette & Woods dropped their price objective on nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and cut their price target for the stock from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Needham & Company LLC reduced their price target on shares of nCino from $45.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. KeyCorp restated a "sector weight" rating on shares of nCino in a report on Monday, February 3rd. Finally, Scotiabank reiterated a "sector perform" rating and set a $19.00 target price (down from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $30.60.

nCino Stock Up 2.0 %

Shares of NASDAQ:NCNO traded up $0.46 during trading on Friday, hitting $23.86. 3,390,327 shares of the company were exchanged, compared to its average volume of 1,365,891. The firm's 50 day moving average price is $29.08 and its 200-day moving average price is $33.63. nCino, Inc. has a 12-month low of $18.75 and a 12-month high of $43.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a market capitalization of $2.78 billion, a P/E ratio of -140.34, a PEG ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.06). nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The firm had revenue of $141.37 million for the quarter, compared to analysts' expectations of $140.81 million. During the same period in the previous year, the business posted $0.21 EPS. The business's revenue for the quarter was up 14.3% compared to the same quarter last year. On average, research analysts predict that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 2,356 shares of the firm's stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total transaction of $52,562.36. Following the transaction, the chief financial officer now directly owns 329,735 shares of the company's stock, valued at approximately $7,356,387.85. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider April Rieger sold 7,881 shares of nCino stock in a transaction on Wednesday, April 2nd. The shares were 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 in the company, valued at approximately $2,880,181.92. This represents a 5.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,012 shares of company stock valued at $2,694,676 over the last quarter. Company insiders own 28.40% of the company's stock.

About nCino

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.