HMI Capital Management L.P. Makes New $81.60 Million Investment in nCino Inc. $NCNO

HMI Capital Management L.P. bought a new stake in nCino Inc. (NASDAQ:NCNO) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 4,990,713 shares of the company’s stock, valued at approximately $81,598,000. nCino makes up 11.5% of HMI Capital Management L.P.’s investment portfolio, making the stock its 4th biggest holding. HMI Capital Management L.P. owned 4.56% of nCino as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Legal & General Group Plc bought a new stake in shares of nCino during the 2nd quarter worth $1,474,000. The Manufacturers Life Insurance Company bought a new position in shares of nCino in the second quarter worth about $901,000. Algert Global LLC bought a new stake in shares of nCino during the 2nd quarter valued at approximately $560,000. Ranger Investment Management L.P. acquired a new position in nCino during the 2nd quarter worth approximately $15,942,000. Finally, Bank of Nova Scotia acquired a new stake in nCino in the second quarter valued at approximately $2,696,000. Institutional investors own 94.76% of the company’s stock.

Insider Activity at nCino

In related news, SVP Jeanette Sellers sold 1,536 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.53, for a total value of $29,998.08. Following the sale, the senior vice president owned 48,453 shares of the company’s stock, valued at $946,287.09. The trade was a 3.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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, insider April Rieger sold 7,852 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $150,915.44. Following the completion of the sale, the insider owned 375,749 shares of the company’s stock, valued at $7,221,895.78. The trade was a 2.05% 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 83,350 shares of company stock valued at $1,568,144 in the last quarter. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NCNO shares. Wall Street Zen upgraded shares of nCino from a “hold” rating to a “buy” rating in a report on Saturday. Piper Sandler assumed coverage on nCino in a report on Monday. They set an “overweight” rating and a $25.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of nCino in a research report on Thursday, May 28th. Citizens Jmp lowered their target price on nCino from $32.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, May 18th. Finally, Weiss Ratings upgraded nCino from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.50.

nCino Trading Up 1.6%

NCNO opened at $20.95 on Tuesday. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $33.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 174.58 and a beta of 0.66. The company’s 50 day moving average price is $17.78 and its two-hundred day moving average price is $16.85.

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.