Bank of New York Mellon Corp Increases Holdings in nCino Inc. (NASDAQ:NCNO)

Bank of New York Mellon Corp lifted its position in shares of nCino Inc. (NASDAQ:NCNO) by 7.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 573,548 shares of the company’s stock after buying an additional 38,573 shares during the period. Bank of New York Mellon Corp owned about 0.49% of nCino worth $15,755,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Teacher Retirement System of Texas bought a new position in nCino during the 1st quarter worth approximately $394,000. First Horizon Advisors Inc. grew its position in nCino by 22.5% during the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company’s stock worth $80,000 after acquiring an additional 538 shares during the last quarter. Peregrine Capital Management LLC grew its position in nCino by 3.3% during the 1st quarter. Peregrine Capital Management LLC now owns 289,168 shares of the company’s stock worth $7,943,000 after acquiring an additional 9,283 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in nCino by 2,448.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,246 shares of the company’s stock worth $281,000 after acquiring an additional 9,844 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of nCino in the 1st quarter worth approximately $343,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Stock Performance

NASDAQ NCNO opened at $30.61 on Friday. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of -117.73, a price-to-earnings-growth ratio of 31.46 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. The business has a 50-day moving average price of $27.20 and a 200-day moving average price of $28.33. nCino Inc. has a twelve month low of $18.75 and a twelve month high of $43.20.

nCino (NASDAQ:NCNO) last posted its earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The company had revenue of $144.14 million for the quarter, compared to the consensus estimate of $139.77 million. During the same period in the previous year, the business earned $0.19 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, equities research analysts predict that nCino Inc. will post 0.12 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NCNO shares. Raymond James Financial cut their price objective on nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Stephens lifted their price objective on nCino from $24.00 to $28.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 21st. UBS Group set a $28.00 price objective on nCino in a research note on Thursday, May 29th. JPMorgan Chase & Co. assumed coverage on nCino in a research note on Wednesday, June 18th. They set a “neutral” rating and a $30.00 price objective for the company. Finally, Bank of America lifted their price objective on nCino from $22.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, April 10th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.69.

Insider Transactions at nCino

In other news, CEO Sean Desmond sold 12,339 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $283,797.00. Following the sale, the chief executive officer directly owned 637,405 shares in the company, valued at approximately $14,660,315. This represents a 1.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Pierre Naude sold 30,745 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $707,135.00. Following the completion of the transaction, the director directly owned 1,197,120 shares in the company, valued at approximately $27,533,760. This trade represents a 2.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,049 shares of company stock valued at $1,449,672. Company insiders own 5.70% of the company’s stock.

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.