Teacher Retirement System of Texas Purchases New Position in nCino Inc. (NASDAQ:NCNO)

Teacher Retirement System of Texas purchased a new stake in nCino Inc. (NASDAQ:NCNO) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,333 shares of the company’s stock, valued at approximately $394,000.

Other hedge funds have also recently modified their holdings of the company. Johnson Financial Group Inc. bought a new position in shares of nCino during the 4th quarter worth approximately $57,000. First Horizon Advisors Inc. raised its holdings in nCino by 22.5% during the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company’s stock valued at $80,000 after acquiring an additional 538 shares during the period. FNY Investment Advisers LLC bought a new stake in nCino during the 1st quarter valued at $82,000. Asset Management One Co. Ltd. grew its position in shares of nCino by 63.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 3,718 shares of the company’s stock valued at $102,000 after purchasing an additional 1,439 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position 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 valued at $152,000 after purchasing an additional 1,122 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Insiders Place Their Bets

In other news, Director Pierre Naude sold 30,745 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.00, for a total value of $707,135.00. Following the completion of the transaction, the director owned 1,197,120 shares in the company, valued at $27,533,760. This trade represents a 2.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gregory Orenstein sold 10,343 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $237,889.00. Following the completion of the transaction, the chief financial officer owned 470,254 shares of the company’s stock, valued at $10,815,842. This represents a 2.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,049 shares of company stock worth $1,449,672. 5.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NCNO. Piper Sandler reiterated a “neutral” rating and issued a $28.00 target price (up from $25.00) on shares of nCino in a research report on Thursday, May 29th. The Goldman Sachs Group downgraded shares of nCino from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Truist Financial boosted their price target on shares of nCino from $21.00 to $27.00 and gave the company a “hold” rating in a research report on Thursday, May 29th. JMP Securities boosted their price target on shares of nCino from $32.00 to $35.00 and gave the company a “market outperform” rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. began coverage on shares of nCino in a report on Wednesday, June 18th. They issued a “neutral” rating and a $30.00 price objective on the stock. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.69.

nCino Price Performance

Shares of NASDAQ NCNO opened at $30.69 on Friday. The firm has a 50-day simple moving average of $27.07 and a 200-day simple moving average of $28.39. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of -118.04, a price-to-earnings-growth ratio of 30.87 and a beta of 0.77. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.24. nCino Inc. has a 52 week low of $18.75 and a 52 week high of $43.20.

nCino (NASDAQ:NCNO) last released its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. nCino had a negative net margin of 5.27% and a positive return on equity of 0.19%. The firm had revenue of $144.14 million during the quarter, compared to analysts’ expectations of $139.77 million. During the same period last year, the business earned $0.19 earnings per share. nCino’s revenue was up 12.5% compared to the same quarter last year. On average, equities analysts predict that nCino Inc. will post 0.12 earnings per share for the current fiscal year.

nCino announced that its board has initiated a stock buyback program on Tuesday, April 1st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.