nCino, Inc. (NASDAQ:NCNO) Position Lessened by Truist Financial Corp

Truist Financial Corp decreased its stake in nCino, Inc. (NASDAQ:NCNOGet Rating) by 25.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,343 shares of the company’s stock after selling 5,615 shares during the period. Truist Financial Corp’s holdings in nCino were worth $558,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Wipfli Financial Advisors LLC acquired a new stake in nCino in the 3rd quarter valued at approximately $33,000. First Horizon Advisors Inc. increased its position in nCino by 58.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,632 shares of the company’s stock valued at $49,000 after acquiring an additional 604 shares during the period. Advisors Asset Management Inc. increased its position in nCino by 47.9% in the 1st quarter. Advisors Asset Management Inc. now owns 3,429 shares of the company’s stock valued at $141,000 after acquiring an additional 1,111 shares during the period. MetLife Investment Management LLC acquired a new stake in nCino in the 1st quarter valued at approximately $149,000. Finally, Harbor Capital Advisors Inc. increased its position in nCino by 42.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 4,760 shares of the company’s stock valued at $147,000 after acquiring an additional 1,424 shares during the period. Institutional investors own 88.69% of the company’s stock.

nCino Stock Up 2.8 %

NCNO opened at $27.27 on Monday. The firm has a market cap of $3.03 billion, a PE ratio of -33.67 and a beta of 0.30. The business has a fifty day simple moving average of $26.37 and a 200-day simple moving average of $30.39. nCino, Inc. has a fifty-two week low of $22.97 and a fifty-two week high of $55.40.

nCino (NASDAQ:NCNOGet Rating) last released its quarterly earnings data on Wednesday, November 30th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. The business had revenue of $105.30 million during the quarter, compared to analyst estimates of $103.45 million. nCino had a negative return on equity of 15.41% and a negative net margin of 23.69%. On average, equities research analysts anticipate that nCino, Inc. will post -0.63 EPS for the current fiscal year.

Insider Activity

In other news, insider Joshua L. Glover sold 4,052 shares of nCino stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $28.95, for a total transaction of $117,305.40. Following the transaction, the insider now owns 267,106 shares in the company, valued at $7,732,718.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Joshua L. Glover sold 4,052 shares of nCino stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $28.95, for a total transaction of $117,305.40. Following the transaction, the insider now owns 267,106 shares in the company, valued at $7,732,718.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Rudow sold 12,571 shares of nCino stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $28.95, for a total value of $363,930.45. Following the transaction, the chief financial officer now owns 149,390 shares in the company, valued at approximately $4,324,840.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,926 shares of company stock worth $646,594. 37.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on NCNO. Needham & Company LLC lowered their target price on nCino from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, December 1st. Morgan Stanley lowered their price target on nCino from $50.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, December 1st. Scotiabank started coverage on nCino in a research report on Monday, October 31st. They set a “sector outperform” rating and a $42.00 price target on the stock. Stephens lowered their price target on nCino to $30.00 in a research report on Friday, December 2nd. Finally, Macquarie reiterated an “outperform” rating and set a $42.00 price target on shares of nCino in a research report on Wednesday, November 2nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, nCino presently has an average rating of “Moderate Buy” and an average target price of $36.27.

nCino Company Profile

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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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