nCino, Inc. (NASDAQ:NCNO) Shares Sold by Drive Wealth Management LLC

Drive Wealth Management LLC cut its stake in nCino, Inc. (NASDAQ:NCNO) by 72.5% in the fourth quarter, Holdings Channel reports. The fund owned 35,509 shares of the company’s stock after selling 93,447 shares during the period. Drive Wealth Management LLC’s holdings in nCino were worth $1,192,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NCNO. 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. Senator Investment Group LP acquired a new stake in shares of nCino in the 2nd quarter worth $40,885,000. Millennium Management LLC increased its stake in shares of nCino by 438.3% in the 2nd quarter. Millennium Management LLC now owns 1,452,242 shares of the company’s stock worth $45,673,000 after acquiring an additional 1,182,452 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. Finally, ArrowMark Colorado Holdings LLC increased its position in shares of nCino by 65.1% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 2,100,062 shares of the company’s stock worth $66,341,000 after purchasing an additional 828,124 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Trading Up 0.2 %

Shares of NCNO opened at $32.57 on Monday. The stock has a 50-day simple moving average of $36.19 and a 200-day simple moving average of $34.47. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 1 year low of $28.09 and a 1 year high of $43.20.

Insider Activity

In related news, Director Jeff Horing sold 1,167,424 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $36.69, for a total transaction of $42,832,786.56. Following the completion of the sale, the director now owns 9,790,001 shares in the company, valued at $359,195,136.69. The trade was a 10.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 6,238,084 shares of company stock worth $224,795,630. 28.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NCNO. Stephens raised their price objective on nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. William Blair reissued an “outperform” rating on shares of nCino in a research report on Thursday, December 5th. Scotiabank raised their price objective on nCino from $36.00 to $46.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods raised their price objective on nCino from $41.00 to $49.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Finally, Morgan Stanley cut their price objective on nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, December 6th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, nCino presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

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.