nCino Inc. $NCNO Holdings Boosted by Tremblant Capital Group

Tremblant Capital Group raised its position in shares of nCino Inc. (NASDAQ:NCNO) by 40.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 661,277 shares of the company’s stock after acquiring an additional 189,815 shares during the period. nCino accounts for 1.9% of Tremblant Capital Group’s investment portfolio, making the stock its 25th biggest position. Tremblant Capital Group’s holdings in nCino were worth $17,927,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Long Path Partners LP boosted its position in shares of nCino by 61.1% in the second quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock worth $133,917,000 after buying an additional 1,815,868 shares during the period. Spyglass Capital Management LLC purchased a new position in shares of nCino during the second quarter valued at $44,190,000. Wellington Management Group LLP acquired a new position in nCino during the third quarter valued at $36,962,000. Owls Nest Partners IA LLC acquired a new position in nCino during the second quarter valued at $33,442,000. Finally, Marshall Wace LLP lifted its stake in nCino by 687.3% in the 3rd quarter. Marshall Wace LLP now owns 1,171,749 shares of the company’s stock worth $31,766,000 after acquiring an additional 1,022,911 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler lowered their target price on nCino from $34.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, December 4th. Needham & Company LLC restated a “buy” rating and set a $38.00 price target on shares of nCino in a report on Thursday, December 4th. UBS Group reaffirmed a “buy” rating and set a $36.00 price objective on shares of nCino in a research report on Tuesday, December 9th. BTIG Research assumed coverage on shares of nCino in a research note on Tuesday, December 16th. They issued a “neutral” rating on the stock. Finally, Truist Financial cut their target price on shares of nCino from $32.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, December 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 10,562 shares of nCino 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 $197,298.16. Following the completion of the sale, the chief financial officer directly owned 451,184 shares in the company, valued at $8,428,117.12. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider April Rieger sold 8,078 shares of the business’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 $150,897.04. Following the completion of the sale, the insider directly owned 221,696 shares of the company’s stock, valued at $4,141,281.28. This represents a 3.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 71,310 shares of company stock worth $1,382,650 in the last quarter. Corporate insiders own 5.70% of the company’s stock.

nCino Stock Performance

Shares of NCNO stock opened at $15.07 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. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $33.92. The stock’s 50-day moving average is $19.65 and its two-hundred day moving average is $24.24. The firm has a market cap of $1.73 billion, a P/E ratio of -83.72, a PEG ratio of 3.00 and a beta of 0.59.

nCino announced that its board has initiated a stock repurchase plan on Monday, December 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are 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.