Tensile Capital Management LP Buys 180,000 Shares of nCino, Inc. (NASDAQ:NCNO)

Tensile Capital Management LP raised its stake in nCino, Inc. (NASDAQ:NCNO - Free Report) by 16.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,268,734 shares of the company's stock after purchasing an additional 180,000 shares during the quarter. nCino accounts for 4.3% of Tensile Capital Management LP's investment portfolio, making the stock its 10th biggest holding. Tensile Capital Management LP owned about 1.10% of nCino worth $40,079,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Thrivent Financial for Lutherans purchased a new position in nCino in the third quarter worth $689,000. Select Equity Group L.P. lifted its stake in shares of nCino by 182.0% in the second quarter. Select Equity Group L.P. now owns 25,436 shares of the company's stock valued at $800,000 after purchasing an additional 16,416 shares during the period. Vanderbilt University boosted its holdings in nCino by 192.3% during the third quarter. Vanderbilt University now owns 140,571 shares of the company's stock worth $4,441,000 after buying an additional 92,481 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in nCino during the third quarter worth about $745,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in nCino by 63.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 172,599 shares of the company's stock valued at $5,452,000 after buying an additional 66,869 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Insider Buying and Selling

In other nCino news, CFO Gregory Orenstein sold 3,885 shares of nCino stock in a transaction on Monday, October 14th. The shares were sold at an average price of $35.05, for a total value of $136,169.25. Following the completion of the transaction, the chief financial officer now owns 276,892 shares of the company's stock, valued at $9,705,064.60. The trade was a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director William J. Ruh sold 10,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $37.50, for a total transaction of $375,000.00. Following the sale, the director now directly owns 226,201 shares in the company, valued at $8,482,537.50. This trade represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,235,029 shares of company stock worth $117,599,204. Insiders own 28.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NCNO shares. Stephens upped their price target on nCino from $35.00 to $38.00 and gave the stock an "equal weight" rating in a report on Thursday. Scotiabank lifted their price target on nCino from $36.00 to $46.00 and gave the stock a "sector outperform" rating in a research note on Wednesday. Morgan Stanley lowered their price objective on shares of nCino from $41.00 to $39.00 and set an "equal weight" rating on the stock in a research note on Friday. Truist Financial restated a "buy" rating and set a $44.00 target price (up previously from $37.00) on shares of nCino in a research report on Monday, October 21st. Finally, Macquarie raised their price objective on shares of nCino from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Friday. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, nCino presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.38.

nCino Stock Down 1.1 %

NCNO stock traded down $0.42 during trading on Friday, reaching $36.86. The stock had a trading volume of 1,041,697 shares, compared to its average volume of 1,084,161. The firm has a fifty day moving average price of $37.72 and a 200 day moving average price of $33.60. nCino, Inc. has a 1-year low of $28.09 and a 1-year high of $43.20. The company has a market capitalization of $4.26 billion, a P/E ratio of -137.70, a PEG ratio of 34.42 and a beta of 0.59. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09.

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.