Fred Alger Management LLC Has $47.50 Million Stock Position in nCino, Inc. (NASDAQ:NCNO)

Fred Alger Management LLC boosted its position in nCino, Inc. (NASDAQ:NCNO) by 95.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,503,549 shares of the company’s stock after purchasing an additional 732,441 shares during the period. Fred Alger Management LLC’s holdings in nCino were worth $47,497,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of NCNO. Crewe Advisors LLC bought a new position in nCino in the 2nd quarter valued at about $26,000. Asset Management One Co. Ltd. increased its stake in nCino by 21.1% in the third 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 last quarter. Benjamin F. Edwards & Company Inc. increased its stake in nCino by 97.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock valued at $87,000 after acquiring an additional 1,358 shares during the last quarter. West Tower Group LLC acquired a new stake in nCino in the third quarter valued at approximately $126,000. Finally, Northwest & Ethical Investments L.P. acquired a new stake in nCino in the third quarter valued at approximately $152,000. 94.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

NCNO has been the topic of a number of recent research reports. Stephens reiterated an “equal weight” rating and set a $35.00 price target on shares of nCino in a report on Wednesday, August 28th. JMP Securities reaffirmed a “market outperform” rating and issued a $43.00 price target on shares of nCino in a research note on Wednesday, August 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $38.00 price target on shares of nCino in a research note on Wednesday, August 28th. Macquarie reissued an “outperform” rating and set a $40.00 target price on shares of nCino in a research report on Wednesday, October 23rd. Finally, Needham & Company LLC decreased their target price on shares of nCino from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 28th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, nCino has an average rating of “Moderate Buy” and a consensus target price of $39.25.

nCino Price Performance

NCNO opened at $41.88 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. nCino, Inc. has a twelve month low of $27.47 and a twelve month high of $43.20. The company’s 50-day moving average price is $36.44 and its two-hundred day moving average price is $33.21.

nCino (NASDAQ:NCNO) last released 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. The firm had revenue of $132.40 million for the quarter, compared to analysts’ expectations of $131.06 million. nCino had a negative net margin of 5.78% and a positive return on equity of 1.06%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) earnings per share. As a group, equities analysts predict that nCino, Inc. will post 0.05 EPS for the current year.

Insider Activity at nCino

In related news, Director William J. Ruh sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $37.50, for a total transaction of $375,000.00. Following the sale, the director now directly owns 226,201 shares in the company, valued at approximately $8,482,537.50. This represents a 4.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Gregory Orenstein sold 3,885 shares of the company’s 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 in the company, valued at $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. In the last ninety days, insiders have sold 3,235,029 shares of company stock worth $117,599,204. 28.40% of the stock is owned by corporate insiders.

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.