The Manufacturers Life Insurance Company Raises Stake in nCino, Inc. (NASDAQ:NCNO)

The Manufacturers Life Insurance Company increased its stake in shares of nCino, Inc. (NASDAQ:NCNO) by 16.7% during the third quarter, HoldingsChannel.com reports. The firm owned 23,884 shares of the company’s stock after buying an additional 3,417 shares during the period. The Manufacturers Life Insurance Company’s holdings in nCino were worth $754,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Crewe Advisors LLC purchased a new stake in shares of nCino in the 2nd quarter valued at about $26,000. Asset Management One Co. Ltd. increased its position in shares of nCino by 21.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock valued at $62,000 after purchasing an additional 341 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of nCino by 97.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock valued at $87,000 after purchasing an additional 1,358 shares during the last quarter. West Tower Group LLC bought a new position in shares of nCino during the 3rd quarter valued at about $126,000. Finally, Amalgamated Bank grew its position in nCino by 28.1% during the 2nd quarter. Amalgamated Bank now owns 5,174 shares of the company’s stock worth $163,000 after acquiring an additional 1,134 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Activity

In related news, insider Sean Desmond sold 30,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $34.77, for a total value of $1,043,100.00. Following the sale, the insider now directly owns 341,511 shares in the company, valued at approximately $11,874,337.47. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gregory Orenstein sold 3,885 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $35.05, for a total value of $136,169.25. Following the sale, the chief financial officer now owns 276,892 shares in the company, valued at approximately $9,705,064.60. This trade represents a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,852,703 shares of company stock worth $177,212,673 over the last ninety days. Corporate insiders own 28.40% of the company’s stock.

nCino Price Performance

Shares of nCino stock opened at $35.46 on Friday. The stock’s 50-day simple moving average is $38.36 and its 200-day simple moving average is $33.82. nCino, Inc. has a 52 week low of $28.09 and a 52 week high of $43.20. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of -208.59, a PEG ratio of 16.82 and a beta of 0.59. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC lifted their price objective on nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Morgan Stanley lowered their target price on nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, December 6th. Raymond James upgraded nCino from a “market perform” rating to an “outperform” rating and set a $38.00 price objective for the company in a research note on Tuesday, September 3rd. Scotiabank lifted their price objective on nCino from $36.00 to $46.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial restated a “buy” rating and issued a $44.00 price target (up previously from $37.00) on shares of nCino in a research note on Monday, October 21st. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.