Arizona State Retirement System Grows Holdings in nCino, Inc. (NASDAQ:NCNO)

Arizona State Retirement System grew its stake in nCino, Inc. (NASDAQ:NCNO) by 8.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 26,842 shares of the company’s stock after acquiring an additional 1,990 shares during the period. Arizona State Retirement System’s holdings in nCino were worth $901,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp purchased a new stake in shares of nCino in the 4th quarter valued at approximately $34,000. Hilltop National Bank purchased a new stake in shares of nCino in the 4th quarter valued at approximately $37,000. Asset Management One Co. Ltd. raised its stake in shares of nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after acquiring an additional 323 shares during the period. West Tower Group LLC purchased a new stake in shares of nCino in the 3rd quarter valued at approximately $126,000. Finally, Northwest & Ethical Investments L.P. purchased a new stake in nCino during the 3rd quarter worth approximately $152,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. William Blair reaffirmed an “outperform” rating on shares of nCino in a research note on Thursday, December 5th. Morgan Stanley cut their target price on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, December 6th. Macquarie upped their target price on shares of nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Needham & Company LLC upped their target price on shares of nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, 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. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.50.

nCino Trading Down 5.7 %

Shares of nCino stock opened at $27.36 on Friday. The company has a fifty day simple moving average of $32.53 and a 200-day simple moving average of $34.35. nCino, Inc. has a 12-month low of $27.29 and a 12-month high of $43.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -160.93, a PEG ratio of 5.77 and a beta of 0.66.

Insider Activity

In other news, CFO Gregory Orenstein sold 5,148 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $167,824.80. Following the completion of the transaction, the chief financial officer now owns 271,744 shares in the company, valued at approximately $8,858,854.40. This represents a 1.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider April Rieger sold 4,325 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $140,995.00. Following the completion of the transaction, the insider now owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,631,708 shares of company stock worth $165,467,043. Corporate insiders own 28.40% of the company’s stock.

nCino Profile

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.