Mechanics Bank Trust Department Purchases Shares of 5,999 nCino, Inc. (NASDAQ:NCNO)

Mechanics Bank Trust Department acquired a new position in nCino, Inc. (NASDAQ:NCNO) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 5,999 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Resources Inc. increased its holdings in nCino by 46.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company’s stock valued at $38,327,000 after purchasing an additional 344,269 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in shares of nCino in the third quarter valued at $689,000. Verition Fund Management LLC purchased a new position in nCino in the 3rd quarter valued at about $594,000. Charles Schwab Investment Management Inc. grew its stake in nCino by 51.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock valued at $17,588,000 after purchasing an additional 189,283 shares in the last quarter. Finally, Select Equity Group L.P. raised its position in shares of nCino by 182.0% in the 2nd quarter. Select Equity Group L.P. now owns 25,436 shares of the company’s stock valued at $800,000 after purchasing an additional 16,416 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NCNO. Stephens lifted their price target on shares of nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Truist Financial restated a “buy” rating and issued a $44.00 target price (up previously from $37.00) on shares of nCino in a research note on Monday, October 21st. Piper Sandler reiterated a “neutral” rating and issued a $38.00 price target on shares of nCino in a research note on Thursday, December 5th. UBS Group started coverage on nCino in a research note on Monday, December 16th. They set a “buy” rating and a $44.00 price objective on the stock. Finally, Morgan Stanley decreased their target price on nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, December 6th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.50.

nCino Trading Up 1.1 %

nCino stock opened at $33.24 on Tuesday. nCino, Inc. has a 52-week low of $28.09 and a 52-week high of $43.20. 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 firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -195.52, a PEG ratio of 13.80 and a beta of 0.64. The firm has a 50-day moving average price of $36.87 and a two-hundred day moving average price of $34.43.

Insider Activity

In other news, Director Jeff Horing sold 1,167,424 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $36.69, for a total transaction of $42,832,786.56. Following the transaction, the director now directly owns 9,790,001 shares of the company’s stock, valued at approximately $359,195,136.69. This trade represents a 10.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 6,238,084 shares of company stock valued at $224,795,630. Insiders own 28.40% of the company’s stock.

nCino Company 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.