nCino, Inc. (NASDAQ:NCNO) Shares Purchased by Tensile Capital Management LP

Tensile Capital Management LP boosted its position in nCino, Inc. (NASDAQ:NCNO) by 16.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,268,734 shares of the company’s stock after purchasing an additional 180,000 shares during the quarter. nCino comprises approximately 4.3% of Tensile Capital Management LP’s investment portfolio, making the stock its 10th largest position. Tensile Capital Management LP owned about 1.10% of nCino worth $40,079,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC raised its stake in nCino by 8.9% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,782,689 shares of the company’s stock valued at $244,766,000 after purchasing an additional 635,064 shares during the last quarter. Long Path Partners LP increased its stake in shares of nCino by 43.7% in the 3rd quarter. Long Path Partners LP now owns 3,721,406 shares of the company’s stock worth $117,559,000 after acquiring an additional 1,131,271 shares during the last quarter. ShawSpring Partners LLC increased its stake in shares of nCino by 115.9% in the 3rd quarter. ShawSpring Partners LLC now owns 2,653,687 shares of the company’s stock worth $83,830,000 after acquiring an additional 1,424,349 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of nCino by 65.1% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 2,100,062 shares of the company’s stock worth $66,341,000 after acquiring an additional 828,124 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of nCino by 55.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,065,880 shares of the company’s stock worth $65,261,000 after acquiring an additional 736,627 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Stock Performance

Shares of nCino stock opened at $37.28 on Friday. The business has a 50-day moving average of $37.59 and a 200 day moving average of $33.57. nCino, Inc. has a 12 month low of $28.09 and a 12 month high of $43.20. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of -135.37, a price-to-earnings-growth ratio of 34.42 and a beta of 0.59. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NCNO. Stephens raised their target price on nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday. Macquarie reaffirmed an “outperform” rating and issued a $40.00 target price on shares of nCino in a research note on Wednesday, October 23rd. Morgan Stanley raised their target price on nCino from $30.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday. Robert W. Baird cut their target price on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, William Blair reiterated an “outperform” rating on shares of nCino in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.31.

Insider Activity at nCino

In related news, insider Sean Desmond sold 30,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $34.77, for a total transaction of $1,043,100.00. Following the completion of the transaction, the insider now directly owns 341,511 shares in the company, valued at $11,874,337.47. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William J. Ruh sold 10,000 shares of nCino stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $37.50, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 226,201 shares of the company’s stock, valued at $8,482,537.50. The trade was a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,235,029 shares of company stock worth $117,599,204 in the last three months. 28.40% of the stock is owned by company insiders.

nCino Profile

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.