Mirae Asset Global Investments Co. Ltd. Decreases Holdings in nCino, Inc. (NASDAQ:NCNO)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of nCino, Inc. (NASDAQ:NCNOGet Rating) by 13.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 231,995 shares of the company’s stock after selling 34,998 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.21% of nCino worth $9,507,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NCNO. Principal Financial Group Inc. increased its position in shares of nCino by 5.3% during the 4th quarter. Principal Financial Group Inc. now owns 6,075 shares of the company’s stock valued at $333,000 after purchasing an additional 306 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of nCino by 22.7% during the 4th quarter. Teacher Retirement System of Texas now owns 5,597 shares of the company’s stock valued at $307,000 after purchasing an additional 1,036 shares during the last quarter. Rhumbline Advisers increased its holdings in nCino by 7.3% in the 4th quarter. Rhumbline Advisers now owns 51,484 shares of the company’s stock worth $2,824,000 after acquiring an additional 3,520 shares during the last quarter. Ensign Peak Advisors Inc purchased a new stake in nCino in the 4th quarter worth about $282,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in nCino by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 304,610 shares of the company’s stock worth $16,711,000 after acquiring an additional 6,813 shares during the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

nCino Price Performance

Shares of nCino stock opened at $35.00 on Wednesday. The business’s 50 day simple moving average is $33.59 and its two-hundred day simple moving average is $35.85. The stock has a market capitalization of $3.88 billion, a P/E ratio of -47.30 and a beta of 0.78. nCino, Inc. has a one year low of $23.94 and a one year high of $78.35.

nCino (NASDAQ:NCNOGet Rating) last announced its quarterly earnings results on Thursday, September 1st. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. The business had revenue of $99.63 million for the quarter, compared to analysts’ expectations of $97.51 million. nCino had a negative return on equity of 15.41% and a negative net margin of 23.22%. The business’s quarterly revenue was up 49.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) EPS. Sell-side analysts expect that nCino, Inc. will post -0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other nCino news, VP Jeanette Sellers sold 4,064 shares of nCino stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $36.05, for a total value of $146,507.20. Following the transaction, the vice president now directly owns 22,046 shares of the company’s stock, valued at approximately $794,758.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jeanette Sellers sold 4,064 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $36.05, for a total transaction of $146,507.20. Following the transaction, the vice president now directly owns 22,046 shares of the company’s stock, valued at $794,758.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David Rudow sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $32.37, for a total value of $356,070.00. Following the transaction, the chief financial officer now directly owns 161,961 shares in the company, valued at $5,242,677.57. The disclosure for this sale can be found here. Insiders have sold 31,108 shares of company stock valued at $1,021,440 in the last ninety days. Company insiders own 37.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. KeyCorp decreased their price objective on nCino from $40.00 to $35.00 and set an “overweight” rating for the company in a report on Friday, September 2nd. Truist Financial dropped their price target on nCino from $70.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, September 2nd. Barclays lifted their price target on nCino from $38.00 to $39.00 and gave the company an “equal weight” rating in a research report on Thursday, June 2nd. Stephens dropped their price target on nCino to $40.00 in a research report on Friday, June 3rd. Finally, Needham & Company LLC dropped their price target on nCino from $60.00 to $42.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.50.

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.

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Institutional Ownership by Quarter for nCino (NASDAQ:NCNO)

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