Fred Alger Management LLC Sells 266,609 Shares of nCino, Inc. (NASDAQ:NCNO)

Fred Alger Management LLC cut its holdings in nCino, Inc. (NASDAQ:NCNO - Free Report) by 17.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,236,940 shares of the company's stock after selling 266,609 shares during the period. Fred Alger Management LLC owned approximately 1.07% of nCino worth $41,536,000 as of its most recent filing with the Securities and Exchange Commission.

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A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Asset Management One Co. Ltd. increased its holdings in nCino by 16.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock worth $78,000 after purchasing an additional 323 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of nCino by 2.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock valued at $407,000 after acquiring an additional 340 shares in the last quarter. Berry Wealth Group LP lifted its position in shares of nCino by 5.1% during the 4th quarter. Berry Wealth Group LP now owns 8,207 shares of the company's stock valued at $276,000 after acquiring an additional 400 shares during the period. Handelsbanken Fonder AB increased its position in nCino by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company's stock valued at $772,000 after buying an additional 500 shares in the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of nCino by 1.2% during the fourth quarter. Sterling Capital Management LLC now owns 48,945 shares of the company's stock worth $1,644,000 after purchasing an additional 583 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on NCNO. UBS Group set a $40.00 price objective on nCino in a report on Friday, March 28th. Scotiabank reaffirmed a "sector perform" rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of nCino from $39.00 to $23.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 2nd. William Blair cut nCino from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Truist Financial downgraded nCino from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $44.00 to $21.00 in a research report on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, nCino presently has an average rating of "Hold" and an average price target of $30.40.

• nCino's path to profits: Niche fintech with strong prospects

Check Out Our Latest Report on NCNO

Insiders Place Their Bets

In other news, CEO Sean Desmond sold 12,339 shares of nCino stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $283,797.00. Following the transaction, the chief executive officer now owns 637,405 shares in the company, valued at $14,660,315. This trade represents a 1.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider April Rieger sold 6,589 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $151,547.00. Following the completion of the transaction, the insider now directly owns 243,551 shares in the company, valued at $5,601,673. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,060 shares of company stock valued at $3,101,115. Company insiders own 28.40% of the company's stock.

nCino Price Performance

Shares of NASDAQ NCNO opened at $22.81 on Thursday. nCino, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -134.15, a P/E/G ratio of 5.77 and a beta of 0.71. The company has a 50 day simple moving average of $25.67 and a two-hundred day simple moving average of $32.43.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly 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). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm had revenue of $141.37 million for the quarter, compared to analysts' expectations of $140.81 million. During the same quarter in the previous year, the company earned $0.21 EPS. The company's quarterly revenue was up 14.3% compared to the same quarter last year. Analysts expect that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is 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.

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