JPMorgan Chase & Co. Has $43.16 Million Stock Position in nCino, Inc. (NASDAQ:NCNO)

JPMorgan Chase & Co. cut its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 27.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,285,258 shares of the company’s stock after selling 491,083 shares during the quarter. JPMorgan Chase & Co. owned 1.11% of nCino worth $43,159,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of NCNO. Vanguard Group Inc. boosted its position in nCino by 9.6% during the fourth quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company’s stock valued at $363,697,000 after purchasing an additional 948,282 shares during the last quarter. Conestoga Capital Advisors LLC bought a new stake in shares of nCino in the 4th quarter valued at approximately $70,256,000. Geode Capital Management LLC increased its holdings in nCino by 26.1% in the third quarter. Geode Capital Management LLC now owns 1,517,512 shares of the company’s stock worth $47,951,000 after buying an additional 313,637 shares during the last quarter. State Street Corp raised its position in nCino by 13.8% during the third quarter. State Street Corp now owns 1,474,208 shares of the company’s stock valued at $46,570,000 after acquiring an additional 178,641 shares in the last quarter. Finally, FMR LLC lifted its stake in nCino by 2.4% in the third quarter. FMR LLC now owns 1,237,227 shares of the company’s stock valued at $39,084,000 after acquiring an additional 29,501 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insiders Place Their Bets

In other nCino news, CEO Sean Desmond sold 7,880 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Pierre Naude sold 31,123 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $649,225.78. Following the completion of the sale, the director now directly owns 1,066,090 shares in the company, valued at approximately $22,238,637.40. This represents a 2.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,988 shares of company stock valued at $2,294,561. 28.40% of the stock is currently owned by insiders.

nCino Trading Down 1.2 %

Shares of NCNO stock opened at $21.45 on Monday. The stock has a 50 day simple moving average of $30.58 and a 200 day simple moving average of $34.03. nCino, Inc. has a 1 year low of $18.75 and a 1 year high of $43.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.48 billion, a P/E ratio of -126.17, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69.

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

nCino announced that its board has authorized a stock repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NCNO. Keefe, Bruyette & Woods reduced their price target on nCino from $40.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday. Truist Financial lowered nCino from a “buy” rating to a “hold” rating and reduced their target price for the stock from $44.00 to $21.00 in a report on Wednesday, April 2nd. Barclays lowered their price target on nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Raymond James reduced their price objective on shares of nCino from $42.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Finally, Scotiabank reiterated a “sector perform” rating and issued a $19.00 target price (down from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, nCino currently has an average rating of “Hold” and an average target price of $30.33.

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.