Massachusetts Financial Services Co. MA Takes Position in nCino, Inc. (NASDAQ:NCNO)

Massachusetts Financial Services Co. MA purchased a new position in shares of nCino, Inc. (NASDAQ:NCNO) in the 4th quarter, Holdings Channel.com reports. The firm purchased 2,419,727 shares of the company’s stock, valued at approximately $81,254,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. grew its holdings in shares of nCino by 16.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after buying an additional 323 shares in the last quarter. Victory Capital Management Inc. grew its stake in nCino by 2.9% during 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 raised its holdings in nCino by 5.1% in 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 last quarter. Handelsbanken Fonder AB lifted its stake in nCino by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock worth $772,000 after purchasing an additional 500 shares in the last quarter. Finally, Precision Wealth Strategies LLC boosted its holdings in shares of nCino by 5.3% during the 4th quarter. Precision Wealth Strategies LLC now owns 14,278 shares of the company’s stock worth $479,000 after purchasing an additional 714 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at nCino

In related news, insider April Rieger sold 7,881 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $164,397.66. Following the completion of the sale, the insider now directly owns 138,072 shares of the company’s stock, valued at $2,880,181.92. The trade was a 5.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeff Horing sold 54,876 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the sale, the director now directly owns 4,458,591 shares of the company’s stock, valued at $156,050,685. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,864 shares of company stock valued at $4,215,221 over the last quarter. 28.40% of the stock is owned by insiders.

nCino Price Performance

NCNO stock opened at $21.45 on Friday. The business’s 50-day moving average is $30.58 and its two-hundred day moving average is $33.97. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The firm has a market capitalization of $2.48 billion, a P/E ratio of -126.17, a P/E/G ratio of 5.77 and a beta of 0.69. nCino, Inc. has a 1 year low of $18.75 and a 1 year high of $43.20.

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

nCino announced that its board has authorized a share repurchase program on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NCNO. Truist Financial downgraded nCino from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $44.00 to $21.00 in a research report on Wednesday. William Blair lowered nCino from an “outperform” rating to a “market perform” rating in a report on Wednesday. Barclays dropped their price objective on shares of nCino from $44.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday. Scotiabank reaffirmed a “sector perform” rating and set a $19.00 target price (down from $35.00) on shares of nCino in a research note on Wednesday. Finally, Macquarie increased their price target on shares of nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $30.33.

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.