State Board of Administration of Florida Retirement System lifted its stake in nCino, Inc. (NASDAQ:NCNO) by 27.5% during the 1st quarter, HoldingsChannel reports. The fund owned 17,799 shares of the company’s stock after buying an additional 3,840 shares during the period. State Board of Administration of Florida Retirement System’s holdings in nCino were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Abundance Wealth Counselors acquired a new stake in nCino during the first quarter valued at approximately $33,000. The PNC Financial Services Group Inc. boosted its stake in shares of nCino by 3,418.8% in the 1st quarter. The PNC Financial Services Group Inc. now owns 563 shares of the company’s stock valued at $37,000 after purchasing an additional 547 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in nCino during the 1st quarter worth $40,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of nCino during the first quarter worth $53,000. Finally, American International Group Inc. increased its holdings in nCino by 182.2% in the first quarter. American International Group Inc. now owns 951 shares of the company’s stock valued at $63,000 after purchasing an additional 614 shares during the last quarter. 88.22% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on the company. Wells Fargo & Company started coverage on nCino in a research note on Wednesday. They issued an “equal weight” rating and a $70.00 price target for the company. G.Research raised shares of nCino from a “hold” rating to a “buy” rating in a research note on Friday, May 14th. Barclays reduced their price target on shares of nCino from $92.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Monday, March 29th. Needham & Company LLC lowered their price objective on shares of nCino from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, June 3rd. They noted that the move was a valuation call. Finally, Gabelli upgraded nCino from a “hold” rating to a “buy” rating in a report on Friday, May 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $84.22.
nCino (NASDAQ:NCNO) last released its earnings results on Tuesday, June 1st. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $62.36 million for the quarter, compared to analysts’ expectations of $59.36 million. nCino had a negative return on equity of 9.82% and a negative net margin of 23.72%. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) EPS. On average, analysts expect that nCino, Inc. will post -0.53 earnings per share for the current fiscal year.
In related news, VP Jeanette Sellers sold 1,791 shares of the stock in a transaction that occurred on Wednesday, June 9th. The stock was sold at an average price of $62.28, for a total transaction of $111,543.48. Following the completion of the transaction, the vice president now directly owns 8,028 shares of the company’s stock, valued at $499,983.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Pierre Naude sold 14,563 shares of the stock in a transaction that occurred on Wednesday, June 9th. The shares were sold at an average price of $62.28, for a total value of $906,983.64. Following the transaction, the chief executive officer now directly owns 1,049,375 shares of the company’s stock, valued at $65,355,075. The disclosure for this sale can be found here. Insiders have sold 458,696 shares of company stock valued at $30,921,715 in the last 90 days. 35.40% of the stock is currently owned by corporate insiders.
nCino, Inc, a software-as-a-service company, provides cloud-based software applications for financial institutions in the United States and internationally. Its nCino Bank Operating System, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable financial institutions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.
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