Raymond James Financial Inc. Invests $39.33 Million in nCino, Inc. (NASDAQ:NCNO)

Raymond James Financial Inc. acquired a new position in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,171,341 shares of the company's stock, valued at approximately $39,334,000. Raymond James Financial Inc. owned about 1.01% of nCino at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp acquired a new position in shares of nCino during the 4th quarter worth about $34,000. Hilltop National Bank acquired a new stake in shares of nCino during the fourth quarter worth $37,000. Asset Management One Co. Ltd. boosted its position in shares of 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 acquiring an additional 323 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of 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 acquiring an additional 1,122 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in nCino during the third quarter worth about $189,000. 94.76% of the stock is owned by institutional investors.

Insider Transactions at nCino

In other news, CFO Gregory Orenstein sold 2,356 shares of the stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total value of $52,562.36. Following the completion of the sale, the chief financial officer now directly owns 329,735 shares of the company's stock, valued at $7,356,387.85. This represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sean Desmond sold 5,034 shares of the firm's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $164,108.40. Following the sale, the chief executive officer now directly 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 have sold 110,012 shares of company stock worth $2,694,676 in the last quarter. Company insiders own 28.40% of the company's stock.

nCino Stock Up 0.1 %

Shares of nCino stock traded up $0.03 during midday trading on Friday, hitting $23.95. The company had a trading volume of 2,013,932 shares, compared to its average volume of 1,376,458. nCino, Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The company has a 50 day moving average of $28.19 and a 200 day moving average of $33.36. The stock has a market capitalization of $2.79 billion, a P/E ratio of -140.87, a P/E/G ratio of 5.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

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

nCino announced that its board has initiated a stock repurchase plan on Tuesday, April 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Truist Financial cut nCino from a "buy" rating to a "hold" rating and dropped their price objective for the company from $44.00 to $21.00 in a report on Wednesday, April 2nd. KeyCorp reissued a "sector weight" rating on shares of nCino in a report on Monday, February 3rd. Bank of America boosted their price target on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a research note on Thursday, April 10th. Finally, Scotiabank reissued a "sector perform" rating and issued a $19.00 target price (down from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price 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.