Wells Fargo & Company MN Trims Stake in nCino, Inc. (NASDAQ:NCNO)

Wells Fargo & Company MN reduced its position in nCino, Inc. (NASDAQ:NCNO - Free Report) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 573,858 shares of the company's stock after selling 13,050 shares during the quarter. Wells Fargo & Company MN owned approximately 0.50% of nCino worth $19,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Asset Management One Co. Ltd. grew its stake in nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after buying an additional 323 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of nCino by 2.9% in the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock worth $407,000 after acquiring an additional 340 shares during the period. Berry Wealth Group LP grew its position in shares of nCino by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company's stock valued at $276,000 after purchasing an additional 400 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of nCino by 2.2% during the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company's stock valued at $772,000 after purchasing an additional 500 shares during the period. Finally, Precision Wealth Strategies LLC lifted its holdings in nCino by 5.3% during the 4th quarter. Precision Wealth Strategies LLC now owns 14,278 shares of the company's stock worth $479,000 after purchasing an additional 714 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 5,148 shares of the firm'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 $167,824.80. Following the sale, the chief financial officer now owns 271,744 shares of the company's stock, valued at $8,858,854.40. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pierre Naude sold 17,026 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $555,047.60. Following the transaction, the director now directly owns 1,097,213 shares of the company's stock, valued at approximately $35,769,143.80. This trade represents a 1.53 % 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 valued at $2,694,676 in the last ninety days. Company insiders own 28.40% of the company's stock.

Analyst Ratings Changes

NCNO has been the subject of a number of recent analyst reports. Scotiabank reaffirmed a "sector perform" rating and set a $19.00 target price (down previously from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Truist Financial cut shares of nCino from a "buy" rating to a "hold" rating and reduced their price objective for the company from $44.00 to $21.00 in a research note on Wednesday, April 2nd. Morgan Stanley lowered their target price on shares of nCino from $39.00 to $23.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 2nd. KeyCorp restated a "sector weight" rating on shares of nCino in a research report on Monday, February 3rd. Finally, UBS Group set a $40.00 price objective on nCino in a research report on Friday, March 28th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $30.60.

nCino Trading Up 0.1 %

Shares of NCNO traded up $0.03 during mid-day trading on Friday, reaching $23.95. The company's stock had a trading volume of 2,013,932 shares, compared to its average volume of 1,376,458. 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 company's fifty day moving average price is $28.19 and its two-hundred day moving average price is $33.36. The stock has a market cap of $2.79 billion, a PE ratio of -140.87, a P/E/G ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly 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). 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 business's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 earnings per share. On average, analysts predict that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino declared that its board has initiated a stock buyback plan on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are 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.