Fred Alger Management LLC Sells 193,923 Shares of nCino Inc. $NCNO

Fred Alger Management LLC decreased its stake in shares of nCino Inc. (NASDAQ:NCNO) by 16.3% during the 3rd quarter, Holdings Channel reports. The firm owned 995,693 shares of the company’s stock after selling 193,923 shares during the period. Fred Alger Management LLC’s holdings in nCino were worth $26,993,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in shares of nCino by 186.4% in the third quarter. Farther Finance Advisors LLC now owns 948 shares of the company’s stock valued at $26,000 after buying an additional 617 shares in the last quarter. Advisors Asset Management Inc. raised its position in nCino by 68.5% during the second quarter. Advisors Asset Management Inc. now owns 1,127 shares of the company’s stock worth $32,000 after acquiring an additional 458 shares in the last quarter. AlphaQuest LLC raised its position in nCino by 5,022.2% during the third quarter. AlphaQuest LLC now owns 1,383 shares of the company’s stock worth $37,000 after acquiring an additional 1,356 shares in the last quarter. Fifth Third Bancorp lifted its stake in nCino by 105.3% in the third quarter. Fifth Third Bancorp now owns 1,915 shares of the company’s stock valued at $52,000 after acquiring an additional 982 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in nCino in the third quarter valued at $91,000. Institutional investors own 94.76% of the company’s stock.

Analyst Upgrades and Downgrades

NCNO has been the topic of several recent analyst reports. Zacks Research lowered shares of nCino from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. UBS Group reiterated a “buy” rating and issued a $36.00 target price on shares of nCino in a research note on Tuesday, December 9th. Needham & Company LLC reissued a “buy” rating and set a $38.00 price target on shares of nCino in a research report on Thursday, December 4th. JPMorgan Chase & Co. dropped their price objective on nCino from $30.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. Finally, Barclays cut their price objective on nCino from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

Insiders Place Their Bets

In other news, SVP Jeanette Sellers sold 2,182 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $18.26, for a total transaction of $39,843.32. Following the completion of the sale, the senior vice president owned 43,219 shares in the company, valued at $789,178.94. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Pierre Naude sold 24,273 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $453,419.64. Following the completion of the transaction, the director directly owned 1,166,823 shares in the company, valued at $21,796,253.64. The trade was a 2.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 71,310 shares of company stock worth $1,382,650 in the last 90 days. Corporate insiders own 5.70% of the company’s stock.

nCino Price Performance

Shares of NCNO opened at $15.07 on Monday. The company’s 50-day moving average is $19.65 and its 200-day moving average is $24.15. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $1.73 billion, a PE ratio of -83.72, a PEG ratio of 2.97 and a beta of 0.60. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $33.92.

nCino announced that its board has initiated a stock buyback plan on Monday, December 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 3.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About nCino

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.