JPMorgan Chase & Co. Sells 299,935 Shares of nCino, Inc. (NASDAQ:NCNO)

JPMorgan Chase & Co. lessened its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 14.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,776,341 shares of the company’s stock after selling 299,935 shares during the period. JPMorgan Chase & Co.’s holdings in nCino were worth $56,115,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NCNO. Asset Management One Co. Ltd. lifted its position in nCino by 21.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock valued at $62,000 after acquiring an additional 341 shares during the period. Malaga Cove Capital LLC lifted its holdings in shares of nCino by 3.0% during the third quarter. Malaga Cove Capital LLC now owns 13,614 shares of the company’s stock valued at $430,000 after purchasing an additional 400 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of nCino by 3.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,602 shares of the company’s stock worth $459,000 after purchasing an additional 508 shares in the last quarter. Precision Wealth Strategies LLC grew its stake in shares of nCino by 4.5% in the 3rd quarter. Precision Wealth Strategies LLC now owns 13,564 shares of the company’s stock worth $428,000 after buying an additional 589 shares during the last quarter. Finally, Natixis Advisors LLC increased its position in nCino by 5.9% during the 3rd quarter. Natixis Advisors LLC now owns 14,711 shares of the company’s stock valued at $465,000 after buying an additional 822 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Macquarie boosted their target price on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. UBS Group initiated coverage on shares of nCino in a research report on Monday, December 16th. They set a “buy” rating and a $44.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of nCino from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Stephens upped their target price on shares of nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Finally, Piper Sandler reissued a “neutral” rating and set a $38.00 price target on shares of nCino in a research report on Thursday, December 5th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, nCino currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

nCino Stock Up 2.0 %

NCNO stock opened at $34.07 on Friday. The business’s 50-day moving average price is $38.19 and its 200-day moving average price is $34.27. The stock has a market cap of $3.95 billion, a P/E ratio of -200.40, a PEG ratio of 16.39 and a beta of 0.59. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a twelve month low of $28.09 and a twelve month high of $43.20.

Insider Buying and Selling at nCino

In other nCino news, CFO Gregory Orenstein sold 3,885 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $35.05, for a total transaction of $136,169.25. Following the sale, the chief financial officer now directly owns 276,892 shares of the company’s stock, valued at $9,705,064.60. This trade represents a 1.38 % 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, Director Jeff Horing sold 1,356,721 shares of nCino stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $36.02, for a total value of $48,869,090.42. Following the sale, the director now directly owns 14,656,746 shares in the company, valued at $527,935,990.92. This trade represents a 8.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,418,237 shares of company stock valued at $340,474,175 over the last 90 days. 28.40% of the stock is currently owned by corporate insiders.

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.