Renaissance Technologies LLC Sells 30,800 Shares of nCino, Inc. (NASDAQ:NCNO)

Renaissance Technologies LLC reduced its stake in shares of nCino, Inc. (NASDAQ:NCNO – Get Rating) by 18.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 137,900 shares of the company’s stock after selling 30,800 shares during the quarter. Renaissance Technologies LLC owned 0.12% of nCino worth $4,704,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wipfli Financial Advisors LLC bought a new position in shares of nCino during the third quarter valued at about $33,000. Spire Wealth Management grew its stake in shares of nCino by 69.7% during the third quarter. Spire Wealth Management now owns 1,310 shares of the company’s stock valued at $45,000 after buying an additional 538 shares during the last quarter. UBS Group AG boosted its holdings in shares of nCino by 218.7% during the third quarter. UBS Group AG now owns 1,807 shares of the company’s stock worth $62,000 after purchasing an additional 1,240 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of nCino by 22.0% during the third quarter. MetLife Investment Management LLC now owns 2,003 shares of the company’s stock worth $68,000 after purchasing an additional 361 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in shares of nCino by 9.7% during the second quarter. Advisors Asset Management Inc. now owns 3,760 shares of the company’s stock worth $116,000 after purchasing an additional 331 shares during the period. 88.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Morgan Stanley dropped their target price on shares of nCino from $50.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, December 1st. Stephens dropped their target price on shares of nCino to $30.00 in a report on Friday, December 2nd. KeyCorp dropped their target price on shares of nCino from $35.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, December 1st. Piper Sandler lowered their price objective on shares of nCino from $35.00 to $30.00 and set an “overweight” rating for the company in a report on Monday, January 9th. Finally, Needham & Company LLC lowered their price objective on shares of nCino from $42.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, December 1st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.27.

nCino Stock Performance

NCNO stock opened at $23.11 on Monday. The firm has a 50 day moving average price of $27.56 and a 200-day moving average price of $29.01. nCino, Inc. has a 52-week low of $22.20 and a 52-week high of $51.73. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of -28.53 and a beta of 0.36.

Insider Activity

In other news, CFO Gregory Orenstein sold 1,785 shares of nCino stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $31.35, for a total transaction of $55,959.75. Following the completion of the transaction, the chief financial officer now directly owns 142,498 shares in the company, valued at $4,467,312.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Joshua L. Glover sold 2,985 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $31.35, for a total transaction of $93,579.75. Following the completion of the sale, the insider now owns 264,121 shares of the company’s stock, valued at $8,280,193.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gregory Orenstein sold 1,785 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $31.35, for a total transaction of $55,959.75. Following the sale, the chief financial officer now directly owns 142,498 shares of the company’s stock, valued at approximately $4,467,312.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,445 shares of company stock worth $514,063. Insiders own 37.20% of the company’s stock.

nCino Profile

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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, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.