Fred Alger Management LLC Sells 193,923 Shares of nCino Inc. $NCNO

Fred Alger Management LLC trimmed its holdings in nCino Inc. (NASDAQ:NCNO) by 16.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 995,693 shares of the company’s stock after selling 193,923 shares during the period. Fred Alger Management LLC owned about 0.86% of nCino worth $26,993,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Cinctive Capital Management LP lifted its holdings in shares of nCino by 2,273.4% during the 3rd quarter. Cinctive Capital Management LP now owns 292,899 shares of the company’s stock valued at $7,940,000 after purchasing an additional 280,558 shares in the last quarter. Azora Capital LP grew its position in shares of nCino by 102.6% in the 3rd quarter. Azora Capital LP now owns 1,144,472 shares of the company’s stock valued at $31,027,000 after purchasing an additional 579,680 shares during the period. California Public Employees Retirement System increased its stake in nCino by 9.9% during the 3rd quarter. California Public Employees Retirement System now owns 156,266 shares of the company’s stock worth $4,236,000 after purchasing an additional 14,032 shares in the last quarter. Bank of America Corp DE raised its holdings in nCino by 475.1% during the 3rd quarter. Bank of America Corp DE now owns 2,513,686 shares of the company’s stock worth $68,146,000 after buying an additional 2,076,579 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in nCino during the 3rd quarter worth approximately $326,000. 94.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other nCino news, Director Pierre Naude sold 24,273 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total transaction of $453,419.64. Following the sale, the director directly owned 1,166,823 shares of the company’s stock, valued at $21,796,253.64. The trade was a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jeanette Sellers sold 2,182 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $18.26, for a total transaction of $39,843.32. Following the transaction, the senior vice president owned 43,219 shares of the company’s stock, valued at approximately $789,178.94. This represents a 4.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 71,310 shares of company stock valued at $1,382,650 in the last quarter. Company insiders own 5.70% of the company’s stock.

nCino Price Performance

Shares of NCNO opened at $15.07 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.24. nCino Inc. has a twelve month low of $13.80 and a twelve month high of $33.92. The stock has a market capitalization of $1.73 billion, a P/E ratio of -83.72, a P/E/G ratio of 2.97 and a beta of 0.60. The company has a 50 day moving average of $19.65 and a 200-day moving average of $24.15.

nCino announced that its board has initiated a stock repurchase program on Monday, December 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

NCNO has been the topic of a number of research reports. UBS Group reaffirmed a “buy” rating and issued a $36.00 price target on shares of nCino in a research note on Tuesday, December 9th. Needham & Company LLC restated a “buy” rating and set a $38.00 price objective on shares of nCino in a report on Thursday, December 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nCino in a research report on Thursday, January 22nd. Zacks Research lowered shares of nCino from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Finally, Barclays lowered their target price on nCino from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

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.