Readystate Asset Management LP increased its position in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 232.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 523,339 shares of the company's stock after acquiring an additional 365,831 shares during the period. Readystate Asset Management LP owned about 0.45% of nCino worth $16,532,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Asset Management One Co. Ltd. grew its position in shares of nCino by 21.1% in the third quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company's stock valued at $62,000 after purchasing an additional 341 shares during the last quarter. Malaga Cove Capital LLC grew its position in shares of nCino by 3.0% in the third quarter. Malaga Cove Capital LLC now owns 13,614 shares of the company's stock valued at $430,000 after purchasing an additional 400 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of nCino by 3.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 14,602 shares of the company's stock valued at $459,000 after purchasing an additional 508 shares during the last quarter. Precision Wealth Strategies LLC grew its position in shares of nCino by 4.5% in the third quarter. Precision Wealth Strategies LLC now owns 13,564 shares of the company's stock valued at $428,000 after purchasing an additional 589 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new stake in shares of nCino in the second quarter valued at about $26,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on NCNO shares. Needham & Company LLC increased their target price on shares of nCino from $40.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday. Robert W. Baird reduced their target price on shares of nCino from $43.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday. Barclays increased their target price on shares of nCino from $34.00 to $44.00 and gave the company an "equal weight" rating in a research note on Monday, November 25th. JMP Securities reiterated a "market outperform" rating and issued a $43.00 target price on shares of nCino in a research note on Wednesday, August 28th. Finally, Stephens increased their target price on shares of nCino from $35.00 to $38.00 and gave the company an "equal weight" rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $42.31.
Check Out Our Latest Report on NCNO
nCino Trading Down 11.0 %
Shares of NCNO stock traded down $4.66 on Thursday, hitting $37.84. The stock had a trading volume of 3,305,818 shares, compared to its average volume of 1,076,891. The firm has a market cap of $4.37 billion, a P/E ratio of -135.37, a PEG ratio of 34.42 and a beta of 0.59. nCino, Inc. has a twelve month low of $28.09 and a twelve month high of $43.20. The company has a fifty day moving average price of $37.59 and a two-hundred day moving average price of $33.57. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09.
Insider Activity at nCino
In other nCino news, CFO Gregory Orenstein sold 3,885 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $35.05, for a total value of $136,169.25. Following the transaction, the chief financial officer now directly owns 276,892 shares of the company's stock, valued at $9,705,064.60. This represents a 1.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sean Desmond sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $34.77, for a total transaction of $1,043,100.00. Following the transaction, the insider now directly owns 341,511 shares in the company, valued at $11,874,337.47. This represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,235,029 shares of company stock worth $117,599,204. Insiders own 28.40% of the company's stock.
About nCino
(
Free Report)
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.
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