Picton Mahoney Asset Management Purchases New Holdings in nCino Inc. $NCNO

Picton Mahoney Asset Management purchased a new position in shares of nCino Inc. (NASDAQ:NCNO) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 403,006 shares of the company’s stock, valued at approximately $10,925,000. Picton Mahoney Asset Management owned about 0.35% of nCino as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Millennium Management LLC grew its stake in shares of nCino by 16.6% in the first quarter. Millennium Management LLC now owns 303,853 shares of the company’s stock valued at $8,347,000 after buying an additional 43,247 shares in the last quarter. Woodline Partners LP grew its position in shares of nCino by 105.3% in the 1st quarter. Woodline Partners LP now owns 13,227 shares of the company’s stock valued at $363,000 after acquiring an additional 6,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of nCino by 16.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company’s stock valued at $7,731,000 after acquiring an additional 39,345 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of nCino by 13.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 413,261 shares of the company’s stock worth $11,559,000 after purchasing an additional 48,684 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in shares of nCino by 10.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 15,834 shares of the company’s stock valued at $443,000 after purchasing an additional 1,501 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NCNO shares. JPMorgan Chase & Co. reduced their price target on nCino from $30.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, February 18th. Zacks Research downgraded nCino from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. UBS Group reissued a “buy” rating and set a $36.00 target price on shares of nCino in a report on Tuesday, December 9th. Barclays dropped their price target on nCino from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Monday, January 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of nCino in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $32.33.

nCino Price Performance

NCNO stock opened at $16.36 on Thursday. The company’s 50-day moving average price is $21.02 and its two-hundred day moving average price is $24.81. The firm has a market cap of $1.88 billion, a P/E ratio of -90.89, a P/E/G ratio of 3.32 and a beta of 0.59. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.24. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $33.92.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Wednesday, December 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.11. The business had revenue of $152.16 million for the quarter, compared to analyst estimates of $147.31 million. nCino had a negative net margin of 3.71% and a positive return on equity of 2.28%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $0.21 EPS. On average, analysts anticipate that nCino Inc. will post 0.12 earnings per share for the current fiscal year.

nCino declared that its board has initiated a share buyback program on Monday, December 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other nCino news, CEO Sean Desmond sold 16,047 shares of nCino stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total value of $299,757.96. Following the transaction, the chief executive officer owned 602,550 shares in the company, valued at $11,255,634. The trade was a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gregory Orenstein sold 10,562 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total value of $197,298.16. Following the transaction, the chief financial officer directly owned 451,184 shares of the company’s stock, valued at approximately $8,428,117.12. The trade was a 2.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 78,641 shares of company stock valued at $1,559,400. Corporate insiders own 5.70% of the company’s stock.

nCino Company Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.