Verition Fund Management LLC Takes $594,000 Position in nCino, Inc. (NASDAQ:NCNO)

Verition Fund Management LLC bought a new stake in shares of nCino, Inc. (NASDAQ:NCNO - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,810 shares of the company's stock, valued at approximately $594,000.

Other large investors have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans bought a new stake in nCino in the 3rd quarter worth approximately $689,000. Select Equity Group L.P. lifted its holdings in nCino by 182.0% during the 2nd quarter. Select Equity Group L.P. now owns 25,436 shares of the company's stock valued at $800,000 after buying an additional 16,416 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in nCino by 51.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company's stock worth $17,588,000 after purchasing an additional 189,283 shares in the last quarter. Vanderbilt University lifted its stake in nCino by 192.3% in the third quarter. Vanderbilt University now owns 140,571 shares of the company's stock worth $4,441,000 after acquiring an additional 92,481 shares during the period. Finally, Lecap Asset Management Ltd. bought a new stake in shares of nCino in the 3rd quarter valued at about $745,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

nCino Price Performance

NCNO traded up $1.08 during trading on Wednesday, reaching $37.08. 727,266 shares of the stock were exchanged, compared to its average volume of 1,093,460. The company has a market capitalization of $4.29 billion, a price-to-earnings ratio of -211.76, a P/E/G ratio of 28.36 and a beta of 0.59. nCino, Inc. has a 1 year low of $28.09 and a 1 year high of $43.20. The business's 50 day moving average price is $38.05 and its two-hundred day moving average price is $33.75. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95.

Insiders Place Their Bets

In related news, Director Jeff Horing sold 1,833,975 shares of the company's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $36.62, for a total value of $67,160,164.50. Following the sale, the director now directly owns 12,513,467 shares of the company's stock, valued at $458,243,161.54. This represents a 12.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gregory Orenstein sold 3,885 shares of the business's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $35.05, for a total value of $136,169.25. Following the transaction, the chief financial officer now owns 276,892 shares of the company's stock, valued at approximately $9,705,064.60. This represents a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,235,029 shares of company stock valued at $117,599,204 in the last quarter. 28.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

NCNO has been the subject of a number of recent research reports. Truist Financial reiterated a "buy" rating and issued a $44.00 target price (up from $37.00) on shares of nCino in a report on Monday, October 21st. Morgan Stanley lowered their target price on nCino from $41.00 to $39.00 and set an "equal weight" rating on the stock in a research note on Friday, December 6th. Macquarie upped their price objective on shares of nCino from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Raymond James upgraded nCino from a "market perform" rating to an "outperform" rating and set a $38.00 price target for the company in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group raised shares of nCino from a "neutral" rating to a "buy" rating and increased their price objective for the company from $34.00 to $42.00 in a report on Wednesday, August 14th. Five 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.38.

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.