Raymond James Financial Inc. Takes Position in nCino, Inc. (NASDAQ:NCNO)

Raymond James Financial Inc. acquired a new stake in shares of nCino, Inc. (NASDAQ:NCNO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,171,341 shares of the company’s stock, valued at approximately $39,334,000. Raymond James Financial Inc. owned 1.01% of nCino at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NCNO. Invesco Ltd. raised its position in shares of nCino by 3,006.0% during the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock valued at $87,392,000 after purchasing an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in nCino in the 4th quarter worth $81,254,000. Conestoga Capital Advisors LLC bought a new stake in nCino during the fourth quarter valued at about $70,256,000. Vanguard Group Inc. lifted its position in shares of nCino by 9.6% in the fourth quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company’s stock valued at $363,697,000 after acquiring an additional 948,282 shares in the last quarter. Finally, Norges Bank bought a new position in shares of nCino in the fourth quarter worth about $29,268,000. Institutional investors own 94.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NCNO. Raymond James decreased their target price on nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Morgan Stanley lowered their target price on shares of nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Scotiabank reissued a “sector perform” rating and set a $19.00 price objective (down previously from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Finally, Barclays cut their price objective on nCino from $44.00 to $24.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, nCino has a consensus rating of “Hold” and a consensus price target of $30.60.

nCino Stock Up 1.5 %

NASDAQ:NCNO opened at $24.02 on Wednesday. The stock has a fifty day simple moving average of $28.73 and a 200-day simple moving average of $33.53. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.80 billion, a price-to-earnings ratio of -141.29, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69. nCino, Inc. has a twelve month low of $18.75 and a twelve month high of $43.20.

nCino (NASDAQ:NCNO) last issued its 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). The company had revenue of $141.37 million for the quarter, compared to analysts’ expectations of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The business’s revenue was up 14.3% compared to the same quarter last year. During the same period last year, the business posted $0.21 earnings per share. Analysts anticipate that nCino, Inc. will post 0.12 EPS for the current year.

nCino declared that its board has initiated a stock buyback program on Tuesday, April 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at nCino

In other nCino news, CEO Sean Desmond sold 2,301 shares of the stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total transaction of $51,335.31. Following the completion of the sale, the chief executive officer now directly owns 296,296 shares of the company’s stock, valued at approximately $6,610,363.76. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Pierre Naude sold 31,123 shares of nCino stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $649,225.78. Following the completion of the transaction, the director now directly owns 1,066,090 shares in the company, valued at approximately $22,238,637.40. The trade was a 2.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,012 shares of company stock worth $2,694,676 over the last three months. 28.40% of the stock is owned by corporate insiders.

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.