Norges Bank Takes Position in nCino, Inc. (NASDAQ:NCNO)

Norges Bank bought a new stake in nCino, Inc. (NASDAQ:NCNO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 871,597 shares of the company's stock, valued at approximately $29,268,000. Norges Bank owned about 0.75% of nCino as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new position in shares of nCino during the fourth quarter worth $34,000. Hilltop National Bank acquired a new position in nCino during the 4th quarter worth about $37,000. Asset Management One Co. Ltd. boosted its holdings in nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after acquiring an additional 323 shares during the period. PNC Financial Services Group Inc. grew its position in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in nCino during the third quarter worth about $189,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

nCino Stock Up 2.0 %

nCino stock traded up $0.46 during mid-day trading on Friday, hitting $23.86. The company had a trading volume of 3,390,327 shares, compared to its average volume of 1,365,891. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 1 year low of $18.75 and a 1 year high of $43.20. The business has a fifty day moving average of $29.08 and a 200 day moving average of $33.63. The stock has a market cap of $2.78 billion, a price-to-earnings 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 earnings results 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 negative net margin of 3.46% and a positive return on equity of 1.62%. The company had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same quarter in the previous year, the company posted $0.21 EPS. The company's quarterly revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts expect that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In related news, insider April Rieger sold 4,325 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $140,995.00. Following the completion of the sale, the insider now owns 145,953 shares in the company, valued at $4,758,067.80. This represents a 2.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sean Desmond sold 5,034 shares of the stock in a transaction 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 of the company's stock, valued at approximately $9,991,150.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,012 shares of company stock valued at $2,694,676. 28.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. UBS Group set a $40.00 price objective on shares of nCino in a report on Friday, March 28th. Scotiabank restated a "sector perform" rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. The Goldman Sachs Group cut nCino from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Stephens reiterated an "equal weight" rating and issued a $38.00 target price on shares of nCino in a report on Wednesday, April 2nd. Finally, Barclays cut their price target on nCino from $44.00 to $24.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $30.60.

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.