Geode Capital Management LLC Buys 23,631 Shares of nCino, Inc. (NASDAQ:NCNO)

Geode Capital Management LLC lifted its holdings in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 1.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,541,143 shares of the company's stock after acquiring an additional 23,631 shares during the quarter. Geode Capital Management LLC owned approximately 1.33% of nCino worth $51,769,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC boosted its position in nCino by 11.4% during the third quarter. HighTower Advisors LLC now owns 16,906 shares of the company's stock worth $531,000 after purchasing an additional 1,724 shares during the period. State Street Corp boosted its holdings in shares of nCino by 13.8% during the 3rd quarter. State Street Corp now owns 1,474,208 shares of the company's stock worth $46,570,000 after buying an additional 178,641 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of nCino by 12.1% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 43,150 shares of the company's stock worth $1,363,000 after buying an additional 4,656 shares during the period. Barclays PLC grew its stake in nCino by 22.2% in the 3rd quarter. Barclays PLC now owns 73,014 shares of the company's stock valued at $2,306,000 after buying an additional 13,252 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in nCino in the 3rd quarter valued at about $189,000. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Price Performance

Shares of NCNO stock traded up $0.03 during trading hours on Friday, reaching $23.95. The company's stock had a trading volume of 2,013,932 shares, compared to its average volume of 1,376,458. nCino, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The firm's 50 day simple moving average is $28.19 and its 200-day simple moving average is $33.36. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of -140.87, a PEG ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last released its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period last year, the business earned $0.21 earnings per share. Sell-side analysts forecast that nCino, Inc. will post 0.12 earnings per share for the current year.

nCino declared that its Board of Directors has approved a share repurchase program on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Activity at nCino

In other news, insider April Rieger sold 7,881 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $164,397.66. Following the completion of the transaction, the insider now owns 138,072 shares of the company's stock, valued at $2,880,181.92. This represents a 5.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction that occurred on Tuesday, February 4th. The stock was 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 in the company, valued at approximately $9,991,150.20. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,012 shares of company stock valued at $2,694,676 in the last quarter. Insiders own 28.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods decreased their target price on nCino from $40.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Raymond James lowered their price objective on nCino from $42.00 to $32.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Scotiabank reissued a "sector perform" rating and issued a $19.00 target price (down previously from $35.00) on shares of nCino in a research report on Wednesday, April 2nd. The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Finally, Bank of America boosted their price objective on shares of nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, April 10th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target 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.