Charles Schwab Investment Management Inc. Has $17.59 Million Stake in nCino, Inc. (NASDAQ:NCNO)

Charles Schwab Investment Management Inc. lifted its position in shares of nCino, Inc. (NASDAQ:NCNO) by 51.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 556,757 shares of the company’s stock after purchasing an additional 189,283 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.48% of nCino worth $17,588,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Long Path Partners LP boosted its holdings in nCino by 151.1% during the 2nd quarter. Long Path Partners LP now owns 2,590,135 shares of the company’s stock worth $81,460,000 after acquiring an additional 1,558,529 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in nCino during the second quarter worth about $41,805,000. Senator Investment Group LP bought a new stake in nCino in the 2nd quarter worth about $40,885,000. ShawSpring Partners LLC bought a new stake in nCino in the 2nd quarter worth about $38,663,000. Finally, Millennium Management LLC increased its stake in 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 buying an additional 1,182,452 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

nCino Price Performance

nCino stock opened at $37.41 on Friday. nCino, Inc. has a 12 month low of $28.09 and a 12 month high of $43.20. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. The business’s 50 day simple moving average is $37.84 and its 200 day simple moving average is $33.65. The company has a market cap of $4.32 billion, a price-to-earnings ratio of -220.05, a PEG ratio of 35.24 and a beta of 0.59.

Insider Activity at nCino

In other nCino news, 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 of the company’s stock, valued at $9,705,064.60. The trade was a 1.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Sean Desmond sold 30,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $34.77, for a total transaction of $1,043,100.00. Following the sale, the insider now directly owns 341,511 shares in the company, valued at $11,874,337.47. The trade was a 8.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,235,029 shares of company stock worth $117,599,204. Insiders own 28.40% of the company’s stock.

Wall Street Analyst Weigh In

NCNO has been the topic of a number of research analyst reports. Piper Sandler restated a “neutral” rating and issued a $38.00 target price on shares of nCino in a research note on Thursday. Stephens boosted 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 boosted their target price on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday. Morgan Stanley cut their target price on nCino from $41.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Needham & Company LLC boosted their target price on nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.38.

About nCino

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.