Janney Montgomery Scott LLC Cuts Holdings in nCino Inc. (NASDAQ:NCNO)

Janney Montgomery Scott LLC trimmed its holdings in shares of nCino Inc. (NASDAQ:NCNO) by 7.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,094 shares of the company’s stock after selling 771 shares during the quarter. Janney Montgomery Scott LLC’s holdings in nCino were worth $250,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Amundi increased its position in shares of nCino by 312.1% during the fourth quarter. Amundi now owns 6,004 shares of the company’s stock worth $201,000 after purchasing an additional 4,547 shares in the last quarter. Northern Trust Corp increased its position in shares of nCino by 14.1% during the fourth quarter. Northern Trust Corp now owns 612,902 shares of the company’s stock worth $20,581,000 after purchasing an additional 75,592 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of nCino by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 566,627 shares of the company’s stock worth $19,027,000 after purchasing an additional 9,870 shares in the last quarter. Picton Mahoney Asset Management increased its position in shares of nCino by 94.5% during the fourth quarter. Picton Mahoney Asset Management now owns 390,752 shares of the company’s stock worth $13,122,000 after purchasing an additional 189,827 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of nCino during the fourth quarter worth $311,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Stock Performance

NASDAQ:NCNO opened at $28.68 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $3.33 billion, a P/E ratio of -110.30, a PEG ratio of 29.50 and a beta of 0.77. The company has a 50 day moving average price of $25.89 and a 200 day moving average price of $28.68. nCino Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20.

nCino (NASDAQ:NCNO) last posted its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.16. The firm had revenue of $144.14 million during the quarter, compared to analysts’ expectations of $139.77 million. nCino had a negative net margin of 5.27% and a positive return on equity of 0.19%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company posted $0.19 EPS. Equities research analysts forecast that nCino Inc. will post 0.12 EPS for the current year.

nCino declared that its Board of Directors has approved a stock buyback plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CEO Sean Desmond sold 12,339 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $283,797.00. Following the completion of the transaction, the chief executive officer owned 637,405 shares of the company’s stock, valued at approximately $14,660,315. This trade represents a 1.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Jeanette Sellers sold 2,167 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president directly owned 27,108 shares of the company’s stock, valued at $617,791.32. This represents a 7.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,572 shares of company stock worth $1,795,990 in the last three months. 5.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NCNO shares. Bank of America boosted their price objective on shares of nCino from $22.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, April 10th. Raymond James Financial dropped their price objective on shares of nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. The Goldman Sachs Group lowered shares of nCino from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $42.00 to $24.00 in a report on Wednesday, April 2nd. Scotiabank reissued a “sector perform” rating and set a $26.00 price objective (up from $19.00) on shares of nCino in a report on Wednesday, May 21st. Finally, JMP Securities boosted their price objective on shares of nCino from $32.00 to $35.00 and gave the company a “market outperform” rating in a report on Monday, June 9th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.94.

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.