KLP Kapitalforvaltning AS Acquires New Shares in nCino, Inc. (NASDAQ:NCNO)

KLP Kapitalforvaltning AS bought a new position in nCino, Inc. (NASDAQ:NCNO) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 18,100 shares of the company’s stock, valued at approximately $608,000.

A number of other hedge funds have also added to or reduced their stakes in NCNO. Fifth Third Bancorp purchased a new position in shares of nCino during the 4th quarter valued at $34,000. Hilltop National Bank bought a new stake in nCino during the fourth quarter valued at $37,000. Asset Management One Co. Ltd. grew its position in nCino by 16.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after buying an additional 323 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after acquiring an additional 1,122 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of nCino in the 3rd quarter valued at about $189,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

NCNO has been the subject of several research analyst reports. Bank of America lowered shares of nCino from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Wednesday. Needham & Company LLC cut their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday. Stephens restated an “equal weight” rating and set a $38.00 price target on shares of nCino in a research report on Wednesday. Robert W. Baird cut their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, December 5th. Finally, The Goldman Sachs Group cut nCino from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $42.00 to $24.00 in a report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.40.

nCino Trading Down 19.7 %

NCNO opened at $22.59 on Thursday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock’s fifty day moving average is $31.02 and its two-hundred day moving average is $34.12. The company has a market capitalization of $2.62 billion, a P/E ratio of -132.87, a PEG ratio of 5.77 and a beta of 0.66. nCino, Inc. has a 52 week low of $18.75 and a 52 week high of $43.20.

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

nCino declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 1st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Gregory Orenstein sold 5,148 shares of nCino stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $167,824.80. Following the sale, the chief financial officer now owns 271,744 shares of the company’s stock, valued at approximately $8,858,854.40. This trade represents a 1.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider April Rieger sold 4,325 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the transaction, the insider now owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. This trade represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock worth $2,963,893 in the last 90 days. Insiders own 28.40% of the company’s stock.

nCino 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.