nCino, Inc. (NASDAQ:NCNO) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its position in nCino, Inc. (NASDAQ:NCNO) by 65.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 365,170 shares of the company’s stock after selling 677,047 shares during the period. Bank of America Corp DE owned approximately 0.32% of nCino worth $12,262,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Fifth Third Bancorp acquired a new position in shares of nCino during the 4th quarter worth approximately $34,000. Johnson Financial Group Inc. acquired a new position in shares of nCino during the 4th quarter worth approximately $57,000. Asset Management One Co. Ltd. raised its stake in shares of nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after buying an additional 323 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after buying an additional 1,122 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in shares of nCino during the 4th quarter worth approximately $153,000. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Stock Performance

NCNO opened at $26.66 on Friday. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -156.81, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. nCino, Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The business has a 50 day moving average price of $24.68 and a two-hundred day moving average price of $31.45.

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 the consensus estimate of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. During the same period in the prior year, the company posted $0.21 EPS. nCino’s quarterly revenue was up 14.3% on a year-over-year basis. Research analysts predict that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino announced that its board has approved a stock repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at nCino

In other nCino news, VP Jeanette Sellers sold 2,167 shares of nCino stock in a transaction on Monday, May 5th. The shares were sold at an average price of $22.79, for a total transaction of $49,385.93. Following the completion of the sale, the vice president now owns 27,108 shares of the company’s stock, valued at approximately $617,791.32. The trade was a 7.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sean Desmond sold 7,880 shares of nCino stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,376.80. Following the sale, the chief executive officer now directly owns 298,597 shares of the company’s stock, valued at $6,228,733.42. This represents a 2.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 141,060 shares of company stock worth $3,101,115 over the last ninety days. Company insiders own 28.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NCNO. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Barclays lowered their price target on nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Scotiabank lifted their price target on nCino from $19.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Morgan Stanley lowered their price objective on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 2nd. Finally, Needham & Company LLC boosted their price objective on nCino from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.53.

nCino 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.