Northern Trust Corp Increases Stake in nCino, Inc. (NASDAQ:NCNO)

Northern Trust Corp boosted its stake in nCino, Inc. (NASDAQ:NCNO) by 14.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 612,902 shares of the company’s stock after buying an additional 75,592 shares during the quarter. Northern Trust Corp’s holdings in nCino were worth $20,581,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Conestoga Capital Advisors LLC bought a new position in shares of nCino in the 4th quarter worth about $70,256,000. Amundi grew its holdings in nCino by 312.1% in the fourth quarter. Amundi now owns 6,004 shares of the company’s stock worth $201,000 after purchasing an additional 4,547 shares during the period. Barclays PLC increased its stake in shares of nCino by 22.2% during the third quarter. Barclays PLC now owns 73,014 shares of the company’s stock valued at $2,306,000 after purchasing an additional 13,252 shares in the last quarter. KBC Group NV increased its stake in shares of nCino by 3,082.1% during the fourth quarter. KBC Group NV now owns 75,988 shares of the company’s stock valued at $2,552,000 after purchasing an additional 73,600 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings 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 valued at $19,027,000 after purchasing an additional 9,870 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley cut their price target on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 2nd. Needham & Company LLC cut their target price on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Stephens reaffirmed an “equal weight” rating and issued a $38.00 price target on shares of nCino in a research report on Wednesday, April 2nd. KeyCorp reiterated a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Finally, Scotiabank restated a “sector perform” rating and set a $19.00 price objective (down from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.40.

Insiders Place Their Bets

In related news, insider April Rieger sold 7,881 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,397.66. Following the completion of the transaction, the insider now directly owns 138,072 shares in the company, valued at approximately $2,880,181.92. The trade was a 5.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Gregory Orenstein sold 10,343 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $237,889.00. Following the completion of the sale, the chief financial officer now directly owns 470,254 shares of the company’s stock, valued at approximately $10,815,842. This trade represents a 2.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 141,060 shares of company stock worth $3,101,115 over the last quarter. 28.40% of the stock is currently owned by corporate insiders.

nCino Stock Down 2.6%

NCNO opened at $23.91 on Wednesday. The firm’s 50 day simple moving average is $25.18 and its two-hundred day simple moving average is $32.02. The company has a market capitalization of $2.75 billion, a PE ratio of -140.64, a PEG ratio of 5.77 and a beta of 0.71. nCino, Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO) last announced its earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). The company had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. nCino’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 earnings per share. As a group, equities analysts forecast that nCino, Inc. will post 0.12 EPS for the current year.

nCino announced that its board has initiated a stock repurchase program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

nCino Company 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.