JPMorgan Chase & Co. Trims Stake in nCino, Inc. (NASDAQ:NCNO)

JPMorgan Chase & Co. lowered its position in nCino, Inc. (NASDAQ:NCNO) by 14.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,776,341 shares of the company’s stock after selling 299,935 shares during the quarter. JPMorgan Chase & Co. owned about 1.53% of nCino worth $56,115,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Asset Management One Co. Ltd. increased its stake in nCino by 21.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock worth $62,000 after acquiring an additional 341 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of nCino by 97.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock worth $87,000 after purchasing an additional 1,358 shares in the last quarter. West Tower Group LLC bought a new position in shares of nCino in the third quarter worth approximately $126,000. Northwest & Ethical Investments L.P. purchased a new stake in nCino in the third quarter valued at approximately $152,000. Finally, Amalgamated Bank lifted its position in nCino by 28.1% during the second quarter. Amalgamated Bank now owns 5,174 shares of the company’s stock valued at $163,000 after purchasing an additional 1,134 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

nCino Price Performance

NCNO stock opened at $34.07 on Friday. 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 firm’s 50-day moving average price is $38.19 and its two-hundred day moving average price is $34.27. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -200.40, a PEG ratio of 16.39 and a beta of 0.59. nCino, Inc. has a 12-month low of $28.09 and a 12-month high of $43.20.

Wall Street Analyst Weigh In

NCNO has been the topic of a number of research analyst reports. Morgan Stanley decreased their price target on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, December 6th. Barclays raised their price target on nCino from $34.00 to $44.00 and gave the company an “equal weight” rating in a research report on Monday, November 25th. Truist Financial reiterated a “buy” rating and issued a $44.00 price objective (up from $37.00) on shares of nCino in a report on Monday, October 21st. Robert W. Baird decreased their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, December 5th. Finally, Scotiabank boosted their target price on nCino from $36.00 to $46.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.50.

Insider Activity at nCino

In other news, Director Jeff Horing sold 4,474,158 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $35.75, for a total value of $159,951,148.50. Following the completion of the sale, the director now directly owns 4,513,467 shares of the company’s stock, valued at approximately $161,356,445.25. This trade represents a 49.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Gregory Orenstein sold 3,885 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $35.05, for a total transaction of $136,169.25. Following the transaction, the chief financial officer now owns 276,892 shares in the company, valued at $9,705,064.60. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,418,237 shares of company stock worth $340,474,175 in the last 90 days. Company 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.