Senator Investment Group LP Sells 294,994 Shares of nCino, Inc. (NASDAQ:NCNO)

Senator Investment Group LP lowered its stake in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) by 18.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,276,686 shares of the company's stock after selling 294,994 shares during the quarter. Senator Investment Group LP owned approximately 1.10% of nCino worth $42,871,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NCNO. Vanguard Group Inc. grew its holdings in shares of nCino by 9.6% in the 4th quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company's stock valued at $363,697,000 after buying an additional 948,282 shares during the period. Wasatch Advisors LP grew its position in shares of nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock valued at $207,450,000 after acquiring an additional 3,905,802 shares during the period. Capital International Investors raised its stake in nCino by 57.4% in the fourth quarter. Capital International Investors now owns 4,691,204 shares of the company's stock valued at $157,531,000 after buying an additional 1,710,893 shares during the period. Invesco Ltd. lifted its holdings in nCino by 3,006.0% during the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company's stock valued at $87,392,000 after purchasing an additional 2,518,707 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in nCino in the 4th quarter valued at about $81,254,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at nCino

In other news, CEO Sean Desmond sold 2,301 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 $51,335.31. Following the transaction, the chief executive officer now owns 296,296 shares of the company's stock, valued at $6,610,363.76. This represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gregory Orenstein sold 5,148 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $167,824.80. Following the completion of the transaction, the chief financial officer now owns 271,744 shares of the company's stock, valued at $8,858,854.40. The trade was a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,012 shares of company stock worth $2,694,676 over the last quarter. Corporate insiders own 28.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NCNO shares. Piper Sandler decreased their target price on shares of nCino from $28.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday. Stephens reiterated an "equal weight" rating and issued a $38.00 target price on shares of nCino in a research report on Wednesday, April 2nd. Scotiabank reiterated a "sector perform" rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a research report on Wednesday, April 2nd. UBS Group set a $40.00 target price on shares of nCino in a report on Friday, March 28th. Finally, The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $30.40.

nCino Stock Performance

Shares of NCNO traded down $0.45 on Wednesday, reaching $22.83. 2,935,360 shares of the company's stock traded hands, compared to its average volume of 1,390,100. The stock's 50 day simple moving average is $27.53 and its two-hundred day simple moving average is $33.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The stock has a market cap of $2.66 billion, a PE ratio of -134.27, a PEG ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last released its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $140.81 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The firm's revenue was up 14.3% compared to the same quarter last year. On average, analysts forecast 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 share buyback program on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

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.