Truist Financial Corp Grows Stake in nCino, Inc. (NASDAQ:NCNO)

Truist Financial Corp raised its stake in nCino, Inc. (NASDAQ:NCNO) by 16.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,053 shares of the company’s stock after acquiring an additional 5,712 shares during the quarter. Truist Financial Corp’s holdings in nCino were worth $1,291,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors purchased a new stake in shares of nCino during the 1st quarter valued at approximately $60,703,000. Long Path Partners LP lifted its stake in shares of nCino by 151.1% during the 2nd quarter. Long Path Partners LP now owns 2,590,135 shares of the company’s stock valued at $81,460,000 after buying an additional 1,558,529 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of nCino during the 2nd quarter valued at approximately $41,805,000. Senator Investment Group LP purchased a new stake in shares of nCino during the 2nd quarter valued at approximately $40,885,000. Finally, ShawSpring Partners LLC purchased a new stake in shares of nCino during the 2nd quarter valued at approximately $38,663,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on NCNO. Piper Sandler restated an “overweight” rating and set a $38.00 price target on shares of nCino in a research note on Wednesday, August 28th. Stephens restated an “equal weight” rating and set a $35.00 price target on shares of nCino in a research note on Wednesday, August 28th. Macquarie reaffirmed an “outperform” rating and set a $40.00 target price on shares of nCino in a report on Wednesday, August 28th. Raymond James raised shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 target price on the stock in a report on Tuesday, September 3rd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $43.00 target price on shares of nCino in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.18.

nCino Price Performance

Shares of NASDAQ:NCNO opened at $34.51 on Friday. The company’s fifty day moving average price is $31.43 and its 200-day moving average price is $31.57. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -127.81, a PEG ratio of 26.59 and a beta of 0.59. nCino, Inc. has a one year low of $27.13 and a one year high of $37.48. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08.

nCino (NASDAQ:NCNO) last issued its quarterly earnings results on Tuesday, August 27th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $132.40 million for the quarter, compared to analyst estimates of $131.06 million. nCino had a negative net margin of 5.78% and a positive return on equity of 1.06%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.02) EPS. On average, equities research analysts anticipate that nCino, Inc. will post 0.05 earnings per share for the current fiscal year.

Insider Activity at nCino

In related news, Director Jeff Horing sold 921,614 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $33.50, for a total transaction of $30,874,069.00. Following the transaction, the director now owns 17,552,574 shares of the company’s stock, valued at approximately $588,011,229. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider April Rieger sold 8,856 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $31.23, for a total transaction of $276,572.88. Following the transaction, the insider now owns 165,791 shares of the company’s stock, valued at approximately $5,177,652.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeff Horing sold 921,614 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $33.50, for a total transaction of $30,874,069.00. Following the sale, the director now directly owns 17,552,574 shares of the company’s stock, valued at $588,011,229. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,290,312 shares of company stock valued at $75,977,898. Insiders own 28.40% of the company’s stock.

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.