Wellington Management Group LLP Invests $49.28 Million in nCino Inc. $NCNO

Wellington Management Group LLP purchased a new position in shares of nCino Inc. (NASDAQ:NCNO) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 3,014,228 shares of the company’s stock, valued at approximately $49,283,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of nCino during the second quarter worth $147,492,000. Bank of America Corp DE acquired a new position in nCino during the 2nd quarter worth about $84,319,000. American Capital Management Inc. bought a new stake in nCino during the 2nd quarter worth about $83,508,000. HMI Capital Management L.P. bought a new stake in nCino during the 2nd quarter worth about $81,598,000. Finally, Hawk Ridge Capital Management LP increased its position in nCino by 625.4% in the 1st quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company’s stock valued at $67,138,000 after acquiring an additional 3,864,010 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NCNO. JPMorgan Chase & Co. upped their target price on shares of nCino from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Monday, June 22nd. Piper Sandler assumed coverage on shares of nCino in a report on Monday, August 24th. They issued an “overweight” rating and a $25.00 price target for the company. BTIG Research restated a “neutral” rating on shares of nCino in a research report on Wednesday, August 26th. Morgan Stanley upped their price objective on nCino from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Wednesday, August 26th. Finally, Citizens Jmp increased their price objective on nCino from $23.00 to $25.00 and gave the company a “market outperform” rating in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.38.

Insider Activity

In other news, insider April Rieger sold 7,852 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $150,915.44. Following the transaction, the insider directly owned 375,749 shares in the company, valued at $7,221,895.78. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Pierre Naude sold 4,677 shares of nCino stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $89,891.94. Following the sale, the director directly owned 1,116,707 shares of the company’s stock, valued at approximately $21,463,108.54. This trade represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 75,976 shares of company stock worth $1,452,687. Corporate insiders own 1.90% of the company’s stock.

nCino Trading Up 2.9%

Shares of NASDAQ NCNO opened at $23.63 on Friday. The company’s 50 day simple moving average is $19.02 and its 200 day simple moving average is $17.13. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $31.92. The firm has a market capitalization of $2.50 billion, a P/E ratio of 78.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.85 and a quick ratio of 0.85.

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.