HMI Capital Management L.P. Sells 1,100,000 Shares of nCino, Inc. (NASDAQ:NCNO)

by · The Cerbat Gem

HMI Capital Management L.P. cut its holdings in nCino, Inc. (NASDAQ:NCNO – Free Report) by 14.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 6,773,778 shares of the company’s stock after selling 1,100,000 shares during the quarter. nCino accounts for about 11.4% of HMI Capital Management L.P.’s portfolio, making the stock its 5th biggest position. HMI Capital Management L.P. owned approximately 0.06% of nCino worth $227,463,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Fifth Third Bancorp acquired a new stake in nCino during the fourth quarter valued at approximately $34,000. Hilltop National Bank acquired a new stake in shares of nCino during the 4th quarter valued at $37,000. Asset Management One Co. Ltd. boosted its stake in shares of nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after acquiring an additional 323 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of 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 acquired a new position in shares of nCino in the 3rd quarter worth $189,000. 94.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NCNO shares. Barclays decreased their price target on nCino from $44.00 to $24.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd. Morgan Stanley dropped their target price on shares of nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 2nd. KeyCorp restated a “sector weight” rating on shares of nCino in a research report on Monday, February 3rd. UBS Group set a $40.00 price objective on shares of nCino in a research report on Friday, March 28th. Finally, William Blair lowered nCino from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.40.

View Our Latest Research Report on NCNO

nCino Stock Up 1.7 %

NCNO opened at $23.18 on Friday. The company has a market capitalization of $2.70 billion, a PE ratio of -136.34, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69. The business has a 50-day moving average of $27.30 and a 200-day moving average of $33.15. nCino, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95.

nCino (NASDAQ:NCNO – Get Free Report) last posted its 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). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same quarter last year, the firm earned $0.21 earnings per share. nCino’s revenue was up 14.3% compared to the same quarter last year. Equities research analysts forecast that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Gregory Orenstein sold 2,356 shares of the firm’s stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total value of $52,562.36. Following the transaction, the chief financial officer now directly owns 329,735 shares in the company, valued at approximately $7,356,387.85. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sean Desmond sold 2,301 shares of the company’s stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total transaction of $51,335.31. Following the sale, the chief executive officer now owns 296,296 shares of the company’s stock, valued at $6,610,363.76. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,012 shares of company stock worth $2,694,676. Corporate insiders own 28.40% of the company’s stock.

About nCino

(Free Report)

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.

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