Cornercap Investment Counsel Inc. Sells 7,946 Shares of nCino, Inc. (NASDAQ:NCNO)

Cornercap Investment Counsel Inc. trimmed its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 51.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 7,538 shares of the company’s stock after selling 7,946 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in nCino were worth $238,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NCNO. Bamco Inc. NY boosted its stake in nCino by 83.7% during the first quarter. Bamco Inc. NY now owns 925,000 shares of the company’s stock worth $34,576,000 after acquiring an additional 421,500 shares in the last quarter. Simplicity Wealth LLC acquired a new stake in shares of nCino in the 2nd quarter valued at about $3,530,000. Clearbridge Investments LLC increased its position in nCino by 14.7% in the 1st quarter. Clearbridge Investments LLC now owns 1,230,194 shares of the company’s stock valued at $45,985,000 after buying an additional 157,470 shares in the last quarter. Select Equity Group L.P. increased its position in nCino by 182.0% in the 2nd quarter. Select Equity Group L.P. now owns 25,436 shares of the company’s stock valued at $800,000 after buying an additional 16,416 shares in the last quarter. Finally, Vanderbilt University raised its stake in nCino by 192.3% during the 3rd quarter. Vanderbilt University now owns 140,571 shares of the company’s stock worth $4,441,000 after buying an additional 92,481 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Macquarie restated an “outperform” rating and set a $40.00 price objective on shares of nCino in a report on Wednesday, October 23rd. JMP Securities restated a “market outperform” rating and set a $43.00 price objective on shares of nCino in a report on Wednesday, August 28th. Needham & Company LLC reduced their price objective on shares of nCino from $42.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 28th. The Goldman Sachs Group raised shares of nCino from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $34.00 to $42.00 in a research report on Wednesday, August 14th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $38.00 price target on shares of nCino in a research report on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.82.

nCino Price Performance

Shares of NASDAQ:NCNO opened at $40.00 on Tuesday. The company’s 50-day moving average is $34.79 and its 200 day moving average is $32.72. nCino, Inc. has a fifty-two week low of $27.47 and a fifty-two week high of $43.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $4.62 billion, a P/E ratio of -148.15, a price-to-earnings-growth ratio of 33.35 and a beta of 0.55.

nCino (NASDAQ:NCNO) last posted its earnings results on Tuesday, August 27th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. nCino had a positive return on equity of 1.06% and a negative net margin of 5.78%. The business had revenue of $132.40 million during the quarter, compared to analyst estimates of $131.06 million. During the same quarter in the previous year, the firm earned ($0.02) EPS. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, equities research analysts forecast that nCino, Inc. will post 0.05 earnings per share for the current year.

Insider Activity at nCino

In related news, Director Jeff Horing sold 1,833,975 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $36.62, for a total value of $67,160,164.50. Following the transaction, the director now directly owns 12,513,467 shares in the company, valued at approximately $458,243,161.54. This represents a 12.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gregory Orenstein sold 3,885 shares of nCino stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $35.05, for a total transaction of $136,169.25. Following the sale, the chief financial officer now owns 276,892 shares of the company’s stock, valued at approximately $9,705,064.60. The trade was a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,235,582 shares of company stock valued at $117,618,559. Company 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.