Magnetar Financial LLC Takes Position in nCino Inc. $NCNO

Magnetar Financial LLC bought a new position in shares of nCino Inc. (NASDAQ:NCNO) in the third quarter, Holdings Channel reports. The firm bought 56,396 shares of the company’s stock, valued at approximately $1,529,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NCNO. Fieldview Capital Management LLC purchased a new position in nCino in the third quarter valued at approximately $418,000. Swiss National Bank grew its stake in nCino by 1.0% during the third quarter. Swiss National Bank now owns 202,200 shares of the company’s stock worth $5,482,000 after buying an additional 2,000 shares during the period. Russell Investments Group Ltd. grew its stake in nCino by 24.1% during the third quarter. Russell Investments Group Ltd. now owns 281,590 shares of the company’s stock worth $7,634,000 after buying an additional 54,741 shares during the period. Inceptionr LLC acquired a new stake in shares of nCino in the third quarter worth $436,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of nCino in the third quarter worth $762,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

nCino Stock Performance

Shares of NCNO stock opened at $15.22 on Friday. 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 company’s fifty day moving average price is $19.84 and its two-hundred day moving average price is $24.34. The firm has a market capitalization of $1.74 billion, a P/E ratio of -84.53, a P/E/G ratio of 3.11 and a beta of 0.59. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $33.92.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on NCNO shares. Barclays reduced their target price on shares of nCino from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of nCino in a report on Thursday, January 22nd. Zacks Research cut nCino from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. decreased their target price on nCino from $30.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, February 18th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

Insider Buying and Selling at nCino

In other nCino news, CEO Sean Desmond sold 16,047 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total transaction of $299,757.96. Following the completion of the sale, the chief executive officer owned 602,550 shares in the company, valued at $11,255,634. This trade represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jeanette Sellers sold 2,182 shares of nCino stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $18.26, for a total value of $39,843.32. Following the sale, the senior vice president owned 43,219 shares in the company, valued at $789,178.94. This represents a 4.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 71,310 shares of company stock valued at $1,382,650. Company insiders own 5.70% of the company’s stock.

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.