Royal Bank of Canada Grows Holdings in nCino Inc. $NCNO

Royal Bank of Canada raised its holdings in shares of nCino Inc. (NASDAQ:NCNO) by 35.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 183,715 shares of the company’s stock after purchasing an additional 48,255 shares during the quarter. Royal Bank of Canada owned 0.17% of nCino worth $2,752,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. American Capital Management Inc. increased its stake in nCino by 17.1% in the 1st quarter. American Capital Management Inc. now owns 2,375,396 shares of the company’s stock worth $35,583,000 after buying an additional 347,587 shares during the period. The Manufacturers Life Insurance Company boosted its position in nCino by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 23,973 shares of the company’s stock valued at $359,000 after buying an additional 1,870 shares during the period. Hawk Ridge Capital Management LP grew its stake in nCino by 625.4% in the 1st quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company’s stock worth $67,138,000 after acquiring an additional 3,864,010 shares in the last quarter. Quantinno Capital Management LP grew its stake in nCino by 208.4% in the 1st quarter. Quantinno Capital Management LP now owns 308,294 shares of the company’s stock worth $4,618,000 after acquiring an additional 208,336 shares in the last quarter. Finally, Entropy Technologies LP increased its position in shares of nCino by 13.7% during the first quarter. Entropy Technologies LP now owns 18,720 shares of the company’s stock worth $280,000 after acquiring an additional 2,255 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at nCino

In related news, CFO Gregory Orenstein sold 11,780 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $226,411.60. Following the completion of the transaction, the chief financial officer directly owned 690,513 shares of the company’s stock, valued at $13,271,659.86. This trade represents a 1.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Pierre Naude sold 4,677 shares of nCino stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $89,891.94. Following the completion of the sale, the director owned 1,116,707 shares of the company’s stock, valued at $21,463,108.54. This trade represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 83,350 shares of company stock worth $1,568,144 over the last ninety days. 1.90% of the stock is currently owned by insiders.

nCino Price Performance

Shares of NASDAQ NCNO opened at $20.81 on Monday. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $33.92. The company has a market cap of $2.28 billion, a PE ratio of 173.42 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The business has a 50-day simple moving average of $17.13 and a two-hundred day simple moving average of $16.90.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NCNO shares. Citizens Jmp decreased their price target on shares of nCino from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, May 18th. Wall Street Zen cut nCino from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citigroup restated a “market outperform” rating on shares of nCino in a report on Monday, June 22nd. JPMorgan Chase & Co. upped their target price on nCino from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Monday, June 22nd. Finally, Zacks Research downgraded nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.29.

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.