State of Wyoming Takes Position in nCino Inc. $NCNO

State of Wyoming purchased a new stake in shares of nCino Inc. (NASDAQ:NCNO) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 35,191 shares of the company’s stock, valued at approximately $575,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hawk Ridge Capital Management LP grew its stake 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 buying an additional 3,864,010 shares in the last quarter. Bank of America Corp DE lifted its position in shares of nCino by 475.1% during the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company’s stock worth $68,146,000 after acquiring an additional 2,076,579 shares in the last quarter. Millennium Management LLC lifted its position in shares of nCino by 262.8% during the fourth quarter. Millennium Management LLC now owns 2,341,532 shares of the company’s stock worth $60,037,000 after acquiring an additional 1,696,051 shares in the last quarter. Senvest Management LLC boosted its holdings in shares of nCino by 68.6% in the fourth quarter. Senvest Management LLC now owns 4,078,276 shares of the company’s stock worth $104,567,000 after acquiring an additional 1,658,868 shares during the period. Finally, Wellington Management Group LLP bought a new position in shares of nCino in the third quarter worth $36,962,000. 94.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NCNO. Citigroup reiterated a “market outperform” rating on shares of nCino in a research report on Monday, June 22nd. JPMorgan Chase & Co. increased 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. The Goldman Sachs Group cut their target price on nCino from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Zacks Research lowered nCino from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Wall Street Zen cut nCino from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.29.

Insider Buying and Selling

In related news, CEO Sean Desmond sold 11,815 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.53, for a total transaction of $230,746.95. Following the completion of the transaction, the chief executive officer directly owned 1,231,080 shares in the company, valued at $24,042,992.40. The trade was a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Orenstein sold 11,780 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $226,411.60. Following the completion of the transaction, the chief financial officer owned 690,513 shares in the company, valued at $13,271,659.86. This represents a 1.68% 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. Insiders have sold a total of 83,350 shares of company stock valued at $1,568,144 in the last ninety days. 1.90% of the stock is owned by insiders.

nCino Price Performance

Shares of NASDAQ:NCNO opened at $20.81 on Monday. The firm has a fifty day moving average price of $17.13 and a two-hundred day moving average price of $16.90. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. nCino Inc. has a one year low of $13.80 and a one year high of $33.92. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 173.42 and a beta of 0.66.

About nCino

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.