Readystate Asset Management LP Acquires 365,831 Shares of nCino, Inc. (NASDAQ:NCNO)

Readystate Asset Management LP boosted its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 232.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 523,339 shares of the company’s stock after acquiring an additional 365,831 shares during the quarter. Readystate Asset Management LP owned 0.45% of nCino worth $16,532,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Long Path Partners LP boosted its stake in shares of nCino by 151.1% in the 2nd quarter. Long Path Partners LP now owns 2,590,135 shares of the company’s stock valued at $81,460,000 after purchasing an additional 1,558,529 shares during the last quarter. ShawSpring Partners LLC boosted 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 valued at $83,830,000 after purchasing an additional 1,424,349 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of nCino in the 2nd quarter valued at $41,805,000. Senator Investment Group LP bought a new stake in shares of nCino in the 2nd quarter valued at $40,885,000. Finally, Millennium Management LLC boosted 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 valued at $45,673,000 after purchasing an additional 1,182,452 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

Insider Transactions at nCino

In related news, insider Sean Desmond sold 30,000 shares of nCino stock in a transaction on Monday, October 14th. The shares were sold at an average price of $34.77, for a total value of $1,043,100.00. Following the sale, the insider now owns 341,511 shares in the company, valued at $11,874,337.47. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gregory Orenstein sold 3,885 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $35.05, for a total transaction of $136,169.25. Following the sale, the chief financial officer now owns 276,892 shares in the company, valued at approximately $9,705,064.60. This trade represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,235,029 shares of company stock worth $117,599,204. Insiders own 28.40% of the company’s stock.

nCino Stock Up 2.4 %

NCNO stock opened at $42.50 on Thursday. nCino, Inc. has a one year low of $28.09 and a one year high of $43.20. The company’s 50 day moving average price is $37.34 and its two-hundred day moving average price is $33.51. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of nCino from $41.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday. Stephens restated an “equal weight” rating and set a $35.00 price objective on shares of nCino in a report on Wednesday, August 28th. Barclays upped their price objective on shares of nCino from $34.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, November 25th. Macquarie restated an “outperform” rating and set a $40.00 price objective on shares of nCino in a report on Wednesday, October 23rd. Finally, Truist Financial restated a “buy” rating and set a $44.00 price objective (up previously from $37.00) on shares of nCino in a report on Monday, October 21st. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, nCino presently has a consensus rating of “Moderate Buy” and an average price target of $41.23.

nCino Company 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.