California Public Employees Retirement System Decreases Holdings in nCino, Inc. (NASDAQ:NCNO)

California Public Employees Retirement System trimmed its position in nCino, Inc. (NASDAQ:NCNO – Get Rating) by 8.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,068 shares of the company’s stock after selling 9,575 shares during the quarter. California Public Employees Retirement System owned 0.10% of nCino worth $2,910,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in NCNO. Spire Wealth Management boosted its holdings in nCino by 69.7% in the third quarter. Spire Wealth Management now owns 1,310 shares of the company’s stock valued at $45,000 after acquiring an additional 538 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in nCino by 37.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,222 shares of the company’s stock valued at $58,000 after acquiring an additional 603 shares in the last quarter. UBS Group AG boosted its holdings in nCino by 218.7% in the third quarter. UBS Group AG now owns 1,807 shares of the company’s stock valued at $62,000 after acquiring an additional 1,240 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in nCino by 22.0% in the third quarter. MetLife Investment Management LLC now owns 2,003 shares of the company’s stock valued at $68,000 after acquiring an additional 361 shares in the last quarter. Finally, Yarbrough Capital LLC bought a new stake in shares of nCino during the 4th quarter valued at $126,000. 88.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other nCino news, insider Joshua L. Glover sold 72,851 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $23.94, for a total value of $1,744,052.94. Following the completion of the transaction, the insider now owns 320,373 shares of the company’s stock, valued at approximately $7,669,729.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Joshua L. Glover sold 2,386 shares of the company’s stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $24.11, for a total transaction of $57,526.46. Following the completion of the sale, the insider now owns 317,987 shares of the company’s stock, valued at approximately $7,666,666.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joshua L. Glover sold 72,851 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $23.94, for a total transaction of $1,744,052.94. Following the sale, the insider now directly owns 320,373 shares of the company’s stock, valued at approximately $7,669,729.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,705 shares of company stock valued at $2,126,087. 38.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Barclays dropped their target price on shares of nCino from $35.00 to $26.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 29th. Piper Sandler restated a “neutral” rating and set a $22.00 target price on shares of nCino in a report on Wednesday, March 29th. Morgan Stanley cut shares of nCino from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $27.00 to $25.00 in a report on Tuesday, April 4th. Piper Jaffray Companies cut shares of nCino from an “overweight” rating to a “neutral” rating in a report on Tuesday, March 14th. Finally, Needham & Company LLC dropped their target price on shares of nCino from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, March 29th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.67.

nCino Price Performance

NCNO opened at $25.53 on Friday. nCino, Inc. has a 1 year low of $19.58 and a 1 year high of $39.83. The stock has a 50-day moving average price of $23.61 and a 200-day moving average price of $25.82. The firm has a market cap of $2.86 billion, a PE ratio of -27.45 and a beta of 0.34.

nCino (NASDAQ:NCNO – Get Rating) last issued its earnings results on Tuesday, March 28th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The business had revenue of $109.18 million during the quarter, compared to analysts’ expectations of $104.47 million. As a group, sell-side analysts anticipate that nCino, Inc. will post -0.06 EPS for the current year.

About nCino

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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.