Spyglass Capital Management LLC Raises Stock Position in nCino Inc. $NCNO

Spyglass Capital Management LLC increased its position in shares of nCino Inc. (NASDAQ:NCNO) by 6.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,085,237 shares of the company’s stock after acquiring an additional 175,357 shares during the period. nCino makes up about 3.3% of Spyglass Capital Management LLC’s holdings, making the stock its 18th biggest position. Spyglass Capital Management LLC owned 2.84% of nCino worth $46,217,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of NCNO. CWM LLC boosted its holdings in nCino by 255.8% in the 4th quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $29,000 after purchasing an additional 821 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of nCino during the 4th quarter valued at $38,000. Farther Finance Advisors LLC increased its holdings in shares of nCino by 76.2% in the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock worth $43,000 after purchasing an additional 722 shares during the period. Quarry LP increased its holdings in shares of nCino by 138.2% in the third quarter. Quarry LP now owns 1,701 shares of the company’s stock worth $46,000 after purchasing an additional 987 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in shares of nCino in the third quarter worth $65,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

nCino Stock Up 4.9%

Shares of NASDAQ:NCNO opened at $18.51 on Wednesday. The stock has a market capitalization of $2.03 billion, a P/E ratio of 154.25 and a beta of 0.68. The stock’s 50-day moving average price is $16.24 and its 200-day moving average price is $17.37. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. nCino Inc. has a 12-month low of $13.80 and a 12-month high of $33.92.

Analyst Ratings Changes

Several research firms recently commented on NCNO. Weiss Ratings upgraded nCino from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th. Barclays raised their price target on nCino from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. The Goldman Sachs Group dropped their price target on nCino from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Piper Sandler upgraded shares of nCino from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $30.00 to $22.00 in a research report on Wednesday, April 1st. Finally, Wall Street Zen raised shares of nCino from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.29.

Insider Buying and Selling at nCino

In other nCino news, CFO Gregory Orenstein sold 14,650 shares of nCino stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $263,993.00. Following the transaction, the chief financial officer directly owned 702,293 shares of the company’s stock, valued at $12,655,319.86. The trade was a 2.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jeanette Sellers sold 3,695 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $18.04, for a total value of $66,657.80. Following the completion of the sale, the senior vice president owned 50,876 shares of the company’s stock, valued at $917,803.04. The trade was a 6.77% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 119,964 shares of company stock worth $2,143,529 over the last quarter. Company insiders own 1.90% of the company’s stock.

nCino Company Profile

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.