Sit Investment Associates Inc. Reduces Stock Holdings in nCino, Inc. (NASDAQ:NCNO)

Sit Investment Associates Inc. trimmed its position in shares of nCino, Inc. (NASDAQ:NCNO) by 9.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 55,470 shares of the company’s stock after selling 5,897 shares during the period. Sit Investment Associates Inc.’s holdings in nCino were worth $1,863,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Fifth Third Bancorp bought a new position in shares of nCino during the 4th quarter worth $34,000. Hilltop National Bank purchased a new position in shares of nCino in the fourth quarter worth about $37,000. Asset Management One Co. Ltd. raised its position in shares of nCino by 16.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after purchasing an additional 323 shares during the period. PNC Financial Services Group Inc. raised its position in shares of nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after purchasing an additional 1,122 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in shares of nCino during the 3rd quarter valued at approximately $189,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Pierre Naude sold 31,123 shares of nCino stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $649,225.78. Following the transaction, the director now directly owns 1,066,090 shares of the company’s stock, valued at $22,238,637.40. The trade was a 2.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sean Desmond sold 7,880 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $164,376.80. Following the sale, the chief executive officer now directly owns 298,597 shares of the company’s stock, valued at $6,228,733.42. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,988 shares of company stock valued at $2,294,561. Insiders own 28.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Stephens reissued an “equal weight” rating and set a $38.00 target price on shares of nCino in a report on Wednesday, April 2nd. Raymond James decreased their price objective on nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Scotiabank restated a “sector perform” rating and issued a $19.00 target price (down previously from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. Piper Sandler decreased their price target on nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods lowered their price target on shares of nCino from $40.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $30.33.

nCino Trading Down 1.2 %

NCNO stock opened at $21.45 on Monday. The company has a market capitalization of $2.48 billion, a PE ratio of -126.17, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino, Inc. has a one year low of $18.75 and a one year high of $43.20. The company’s 50 day moving average price is $30.58 and its two-hundred day moving average price is $34.03.

nCino (NASDAQ:NCNO) last issued its earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The business had revenue of $141.37 million during the quarter, compared to analysts’ expectations of $140.81 million. During the same quarter in the previous year, the business earned $0.21 EPS. nCino’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, analysts predict that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino announced that its Board of Directors has authorized a share buyback program on Tuesday, April 1st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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.