Azora Capital LP Cuts Stock Holdings in nCino, Inc. (NASDAQ:NCNO)

Azora Capital LP decreased its stake in shares of nCino, Inc. (NASDAQ:NCNO) by 12.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,058,002 shares of the company’s stock after selling 286,006 shares during the quarter. nCino makes up 3.5% of Azora Capital LP’s portfolio, making the stock its 10th largest position. Azora Capital LP’s holdings in nCino were worth $65,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Crewe Advisors LLC purchased a new position in shares of nCino during the second quarter worth approximately $26,000. Asset Management One Co. Ltd. grew its stake in nCino by 21.1% in the third quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock worth $62,000 after purchasing an additional 341 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in nCino by 97.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock worth $87,000 after purchasing an additional 1,358 shares during the period. West Tower Group LLC bought a new stake in nCino during the 3rd quarter valued at $126,000. Finally, Northwest & Ethical Investments L.P. purchased a new stake in shares of nCino in the 3rd quarter worth $152,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NCNO has been the subject of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $38.00 price objective on shares of nCino in a report on Wednesday, August 28th. Needham & Company LLC reduced their price target on shares of nCino from $42.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 28th. Raymond James upgraded shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 price objective on the stock in a research note on Tuesday, September 3rd. The Goldman Sachs Group raised shares of nCino from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $34.00 to $42.00 in a research note on Wednesday, August 14th. Finally, Macquarie reaffirmed an “outperform” rating and set a $40.00 target price on shares of nCino in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Insider Buying and Selling

In other nCino news, Director Jeff Horing sold 1,833,975 shares of nCino stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $36.62, for a total transaction of $67,160,164.50. Following the completion of the sale, the director now owns 12,513,467 shares of the company’s stock, valued at approximately $458,243,161.54. The trade was a 12.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William J. Ruh sold 10,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $37.50, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 226,201 shares in the company, valued at $8,482,537.50. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,235,029 shares of company stock worth $117,599,204 in the last three months. Corporate insiders own 28.40% of the company’s stock.

nCino Price Performance

Shares of NASDAQ NCNO opened at $41.99 on Monday. nCino, Inc. has a fifty-two week low of $27.47 and a fifty-two week high of $43.20. The company has a market cap of $4.85 billion, a PE ratio of -155.52, a P/E/G ratio of 34.82 and a beta of 0.55. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.08 and a current ratio of 1.08. The business has a 50-day simple moving average of $36.90 and a two-hundred day simple moving average of $33.37.

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.