M&T Bank Corp Lowers Stock Holdings in nCino, Inc. (NASDAQ:NCNO)

M&T Bank Corp lowered its stake in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 12.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,637 shares of the company's stock after selling 12,433 shares during the period. M&T Bank Corp owned 0.08% of nCino worth $3,010,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of NCNO. Asset Management One Co. Ltd. grew its stake in nCino by 16.5% in the fourth 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. Victory Capital Management Inc. grew its position in shares of nCino by 2.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock worth $407,000 after buying an additional 340 shares during the last quarter. Berry Wealth Group LP lifted its position in nCino by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company's stock valued at $276,000 after acquiring an additional 400 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of nCino by 2.2% during the fourth quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company's stock worth $772,000 after purchasing an additional 500 shares in the last quarter. Finally, Precision Wealth Strategies LLC boosted its position in shares of nCino by 5.3% in the 4th quarter. Precision Wealth Strategies LLC now owns 14,278 shares of the company's stock worth $479,000 after purchasing an additional 714 shares in the last quarter. Institutional investors own 94.76% of the company's stock.

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Analyst Upgrades and Downgrades

Several brokerages have weighed in on NCNO. Scotiabank raised their price target on nCino from $36.00 to $46.00 and gave the stock a "sector outperform" rating in a report on Wednesday, December 4th. William Blair reissued an "outperform" rating on shares of nCino in a report on Thursday, December 5th. Barclays upgraded nCino from an "equal weight" rating to an "overweight" rating and set a $44.00 price target on the stock in a research note on Monday, January 6th. KeyCorp reiterated a "sector weight" rating on shares of nCino in a research note on Monday, February 3rd. Finally, Keefe, Bruyette & Woods lifted their price objective on nCino from $41.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, December 2nd. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, nCino currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.50.

nCino Price Performance

Shares of NASDAQ NCNO traded up $0.55 during mid-day trading on Wednesday, reaching $29.00. The company's stock had a trading volume of 1,463,495 shares, compared to its average volume of 1,175,772. The stock has a market capitalization of $3.36 billion, a P/E ratio of -170.55, a P/E/G ratio of 5.77 and a beta of 0.66. The stock has a 50-day moving average of $32.62 and a two-hundred day moving average of $34.38. nCino, Inc. has a 1-year low of $28.13 and a 1-year high of $43.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

Insider Transactions at nCino

In other news, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the sale, the chief executive officer now owns 306,477 shares of the company's stock, valued at approximately $9,991,150.20. The trade was a 1.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeff Horing sold 20,703 shares of the company's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.63, for a total value of $758,350.89. Following the completion of the transaction, the director now directly owns 9,058,298 shares in the company, valued at approximately $331,805,455.74. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,652,411 shares of company stock worth $166,225,394 in the last quarter. Company insiders own 28.40% of the company's stock.

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.