nCino, Inc. (NASDAQ:NCNO) Shares Sold by Long Path Partners LP

Long Path Partners LP reduced its position in shares of nCino, Inc. (NASDAQ:NCNO) by 12.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,269,192 shares of the company’s stock after selling 452,214 shares during the period. nCino comprises 35.6% of Long Path Partners LP’s portfolio, making the stock its largest position. Long Path Partners LP owned 2.82% of nCino worth $109,779,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp acquired a new position in shares of nCino in the 4th quarter valued at approximately $34,000. Hilltop National Bank bought a new stake in shares of nCino in the fourth quarter worth $37,000. Asset Management One Co. Ltd. raised 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 valued at $78,000 after acquiring an additional 323 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in nCino during the 3rd quarter valued at $189,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

nCino Stock Performance

Shares of NCNO stock opened at $22.59 on Thursday. The business has a 50 day simple moving average of $31.02 and a 200 day simple moving average of $34.12. 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 $2.62 billion, a price-to-earnings ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. nCino, Inc. has a 12-month low of $18.75 and a 12-month high of $43.20.

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

nCino announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 1st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, insider April Rieger sold 4,325 shares of nCino stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $140,995.00. Following the transaction, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. The trade was a 2.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $164,108.40. Following the completion of the transaction, the chief executive officer now directly owns 306,477 shares in the company, valued at $9,991,150.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,877 shares of company stock worth $2,963,893. Corporate insiders own 28.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NCNO shares. Piper Sandler cut their target price on shares of nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday. Needham & Company LLC cut their price objective on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods reduced their target price on nCino from $44.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, March 28th. The Goldman Sachs Group downgraded nCino from a “buy” rating to a “neutral” rating and lowered their price target for the company from $42.00 to $24.00 in a report on Wednesday. Finally, Stephens restated an “equal weight” rating and set a $38.00 price objective on shares of nCino in a research note on Wednesday. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.13.

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.