2,419,727 Shares in nCino, Inc. (NASDAQ:NCNO) Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA purchased a new stake in shares of nCino, Inc. (NASDAQ:NCNO) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,419,727 shares of the company’s stock, valued at approximately $81,254,000. Massachusetts Financial Services Co. MA owned about 2.09% of nCino at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NCNO. Conestoga Capital Advisors LLC purchased a new stake in nCino during the fourth quarter valued at $70,256,000. Raymond James Financial Inc. purchased a new stake in shares of nCino during the 4th quarter valued at about $39,334,000. Vanguard Group Inc. lifted 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 acquiring an additional 948,282 shares during the last quarter. Norges Bank purchased a new position in nCino in the fourth quarter worth about $29,268,000. Finally, Loomis Sayles & Co. L P purchased a new position in nCino in the fourth quarter worth about $18,291,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NCNO shares. Macquarie boosted their target price on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. The Goldman Sachs Group downgraded shares of nCino from a “buy” rating to a “neutral” rating and reduced their target price for the company from $42.00 to $24.00 in a research note on Wednesday. Needham & Company LLC dropped their price target on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays reduced their price objective on shares of nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Piper Sandler dropped their target price on nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.33.

nCino Stock Down 1.2 %

Shares of NCNO stock opened at $21.45 on Friday. 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, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The firm has a market capitalization of $2.48 billion, a PE ratio of -126.17, a P/E/G ratio of 5.77 and a beta of 0.69. The stock’s 50-day simple moving average is $30.58 and its 200-day simple moving average is $33.97.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 positive return on equity of 1.62% and a negative net margin of 3.46%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 earnings per share. Equities analysts expect that nCino, Inc. will post 0.12 earnings per share for the current year.

nCino announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at nCino

In related news, CEO Sean Desmond sold 5,034 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 $164,108.40. Following the completion of the transaction, the chief executive officer now owns 306,477 shares of the company’s stock, valued at approximately $9,991,150.20. This represents a 1.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider April Rieger sold 7,881 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $164,397.66. Following the completion of the sale, the insider now directly owns 138,072 shares in the company, valued at approximately $2,880,181.92. The trade was a 5.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,864 shares of company stock worth $4,215,221. 28.40% of the stock is owned by company insiders.

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.