Franklin Resources Inc. Acquires 12,001 Shares of nCino, Inc. (NASDAQ:NCNO)

Franklin Resources Inc. grew its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,104,863 shares of the company’s stock after purchasing an additional 12,001 shares during the quarter. Franklin Resources Inc.’s holdings in nCino were worth $37,101,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Verition Fund Management LLC bought a new position in shares of nCino during the 3rd quarter worth $594,000. Charles Schwab Investment Management Inc. lifted its holdings in nCino by 51.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock valued at $17,588,000 after purchasing an additional 189,283 shares during the last quarter. Bullseye Asset Management LLC boosted its position in nCino by 58.5% during the third quarter. Bullseye Asset Management LLC now owns 140,878 shares of the company’s stock worth $4,451,000 after purchasing an additional 52,000 shares during the period. Conestoga Capital Advisors LLC bought a new position in nCino during the fourth quarter worth about $70,256,000. Finally, FMR LLC raised its position in shares of nCino by 2.4% in the third quarter. FMR LLC now owns 1,237,227 shares of the company’s stock valued at $39,084,000 after purchasing an additional 29,501 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Stock Down 1.2 %

NCNO opened at $21.45 on Friday. The business’s fifty day simple moving average is $30.58 and its 200 day simple moving average is $34.00. nCino, Inc. has a 52 week low of $18.75 and a 52 week high of $43.20. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.48 billion, a PE ratio of -126.17, a P/E/G ratio of 5.77 and a beta of 0.69.

nCino (NASDAQ:NCNO) last posted its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). The firm 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 for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 earnings per share. As a group, research analysts expect that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on NCNO. Raymond James lowered their target price on shares of nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday. Scotiabank reiterated 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. William Blair downgraded nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Needham & Company LLC reduced their target price on nCino from $45.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Stephens reissued an “equal weight” rating and issued a $38.00 price target on shares of nCino in a report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.33.

Insider Buying and Selling at nCino

In related news, Director Jeff Horing sold 54,876 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the transaction, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gregory Orenstein sold 5,148 shares of nCino stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction 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. The trade was a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,864 shares of company stock worth $4,215,221 over the last ninety days. Insiders own 28.40% of the company’s stock.

nCino Company 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.