The Manufacturers Life Insurance Company Purchases 772 Shares of nCino, Inc. (NASDAQ:NCNO)

The Manufacturers Life Insurance Company grew its position in nCino, Inc. (NASDAQ:NCNO) by 3.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,656 shares of the company’s stock after buying an additional 772 shares during the period. The Manufacturers Life Insurance Company’s holdings in nCino were worth $828,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in nCino by 9.6% in the 4th quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company’s stock worth $363,697,000 after purchasing an additional 948,282 shares in the last quarter. Wasatch Advisors LP boosted its stake in nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock worth $207,450,000 after purchasing an additional 3,905,802 shares in the last quarter. Capital International Investors boosted its stake in nCino by 57.4% in the 4th quarter. Capital International Investors now owns 4,691,204 shares of the company’s stock worth $157,531,000 after purchasing an additional 1,710,893 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in nCino by 139.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock worth $108,834,000 after purchasing an additional 1,889,283 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in nCino by 3,006.0% in the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock worth $87,392,000 after purchasing an additional 2,518,707 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider April Rieger sold 7,881 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $164,397.66. Following the completion of the sale, the insider now owns 138,072 shares of the company’s stock, valued at approximately $2,880,181.92. The trade was a 5.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Pierre Naude sold 31,123 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $649,225.78. Following the completion of the sale, the director now directly owns 1,066,090 shares of the company’s stock, valued at approximately $22,238,637.40. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,060 shares of company stock valued at $3,101,115. 28.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NCNO. William Blair cut shares of nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Scotiabank restated a “sector perform” rating and set a $19.00 price objective (down from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. Needham & Company LLC decreased their price objective on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Bank of America lifted their price objective on shares of nCino from $22.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, April 10th. Finally, UBS Group set a $40.00 price objective on shares of nCino in a research note on Friday, March 28th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.40.

nCino Price Performance

Shares of NASDAQ NCNO opened at $24.27 on Thursday. The firm has a market cap of $2.80 billion, a PE ratio of -142.76, a PEG ratio of 5.77 and a beta of 0.71. The firm has a fifty day moving average of $25.06 and a 200 day moving average of $31.96. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino, Inc. has a one year low of $18.75 and a one year high of $43.20.

nCino (NASDAQ:NCNO) last issued its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). The company had revenue of $141.37 million during the quarter, compared to analysts’ expectations of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. nCino’s revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. As a group, research analysts predict that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino announced that its board has initiated a share buyback program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

About nCino

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.