State Board of Administration of Florida Retirement System raised its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 78.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,713 shares of the company’s stock after purchasing an additional 13,914 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in nCino were worth $1,900,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in NCNO. Price T Rowe Associates Inc. MD lifted its holdings in nCino by 38.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,076,629 shares of the company’s stock worth $805,753,000 after buying an additional 3,354,680 shares during the last quarter. HMI Capital Management L.P. bought a new position in nCino during the 1st quarter worth approximately $159,212,000. Whale Rock Capital Management LLC bought a new position in nCino during the 1st quarter worth approximately $89,761,000. BlackRock Inc. lifted its holdings in shares of nCino by 131.4% in the 1st quarter. BlackRock Inc. now owns 1,632,459 shares of the company’s stock worth $108,916,000 after purchasing an additional 927,038 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of nCino by 113.4% in the 1st quarter. Nuveen Asset Management LLC now owns 1,355,972 shares of the company’s stock worth $90,470,000 after purchasing an additional 720,704 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors.
Shares of NCNO stock opened at $75.65 on Friday. nCino, Inc. has a 1 year low of $48.00 and a 1 year high of $90.22. The stock has a market cap of $7.28 billion, a PE ratio of -145.48 and a beta of 1.88. The business’s fifty day moving average is $67.16 and its 200-day moving average is $64.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.96 and a current ratio of 2.96.
Several brokerages recently issued reports on NCNO. Wells Fargo & Company began coverage on nCino in a report on Wednesday, June 9th. They issued an “equal weight” rating and a $70.00 price target on the stock. Barclays raised their price target on nCino from $75.00 to $78.00 and gave the stock an “equal weight” rating in a report on Thursday, September 2nd. Zacks Investment Research raised nCino from a “sell” rating to a “hold” rating in a report on Wednesday, August 4th. Piper Sandler raised their price target on nCino from $95.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, September 2nd. Finally, Needham & Company LLC lifted their target price on nCino from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, September 2nd. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $79.40.
In related news, CFO David Rudow sold 7,500 shares of nCino stock in a transaction on Wednesday, September 15th. The stock was sold at an average price of $74.04, for a total value of $555,300.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey W. Lunsford sold 2,000 shares of nCino stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $61.17, for a total value of $122,340.00. Following the completion of the transaction, the director now owns 262,105 shares in the company, valued at $16,032,962.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,969 shares of company stock worth $12,769,675. 35.40% of the stock is owned by insiders.
nCino, Inc, a software-as-a-service company, provides cloud-based software applications for financial institutions in the United States and internationally. Its nCino Bank Operating System, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable financial institutions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.
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