Readystate Asset Management LP Buys New Stake in nCino Inc. $NCNO

Readystate Asset Management LP acquired a new position in shares of nCino Inc. (NASDAQ:NCNO) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 287,143 shares of the company’s stock, valued at approximately $4,301,000. Readystate Asset Management LP owned approximately 0.26% of nCino at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CWM LLC increased its holdings in nCino by 255.8% during the 4th quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $29,000 after purchasing an additional 821 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of nCino in the fourth quarter valued at about $38,000. Farther Finance Advisors LLC raised its holdings in shares of nCino by 76.2% in the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock valued at $43,000 after buying an additional 722 shares during the last quarter. Quarry LP lifted its position in nCino by 138.2% during the 3rd quarter. Quarry LP now owns 1,701 shares of the company’s stock worth $46,000 after buying an additional 987 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in nCino during the 3rd quarter worth about $65,000. Institutional investors own 94.76% of the company’s stock.

Insider Activity

In other news, SVP Jeanette Sellers sold 3,695 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $18.04, for a total value of $66,657.80. Following the completion of the sale, the senior vice president directly owned 50,876 shares of the company’s stock, valued at $917,803.04. This represents a 6.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sean Desmond sold 22,073 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $397,755.46. Following the completion of the sale, the chief executive officer owned 1,271,016 shares in the company, valued at $22,903,708.32. This represents a 1.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 119,964 shares of company stock valued at $2,143,529. Insiders own 1.90% of the company’s stock.

nCino Stock Up 4.9%

Shares of nCino stock opened at $18.51 on Wednesday. The business has a fifty day simple moving average of $16.24 and a 200 day simple moving average of $17.37. The stock has a market cap of $2.03 billion, a PE ratio of 154.25 and a beta of 0.68. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $33.92.

Wall Street Analysts Forecast Growth

NCNO has been the subject of a number of research analyst reports. Wall Street Zen raised shares of nCino from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. The Goldman Sachs Group decreased their price target on shares of nCino from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of nCino in a research report on Wednesday, June 24th. JPMorgan Chase & Co. upped their price objective on nCino from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Monday, June 22nd. Finally, Weiss Ratings upgraded nCino from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.29.

nCino Company Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.