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

Fred Alger Management LLC raised its stake in shares of nCino, Inc. (NASDAQ:NCNO) by 95.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,503,549 shares of the company’s stock after purchasing an additional 732,441 shares during the quarter. Fred Alger Management LLC owned 1.30% of nCino worth $47,497,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Crewe Advisors LLC acquired a new stake in nCino during the second quarter valued at approximately $26,000. Asset Management One Co. Ltd. boosted its holdings in shares of nCino by 21.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock worth $62,000 after acquiring an additional 341 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of nCino by 97.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock worth $87,000 after acquiring an additional 1,358 shares in the last quarter. West Tower Group LLC acquired a new position in shares of nCino in the 3rd quarter worth approximately $126,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of nCino by 145.6% in the 1st quarter. Lazard Asset Management LLC now owns 4,516 shares of the company’s stock worth $168,000 after acquiring an additional 2,677 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director William J. Ruh sold 10,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $37.50, for a total transaction of $375,000.00. Following the completion of the transaction, the director now directly owns 226,201 shares in the company, valued at $8,482,537.50. This represents a 4.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeff Horing sold 1,833,975 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $36.62, for a total transaction of $67,160,164.50. Following the transaction, the director now owns 12,513,467 shares of the company’s stock, valued at approximately $458,243,161.54. This represents a 12.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,235,029 shares of company stock worth $117,599,204. Corporate insiders own 28.40% of the company’s stock.

nCino Stock Performance

NCNO stock opened at $41.88 on Friday. The stock has a 50-day moving average price of $36.44 and a two-hundred day moving average price of $33.21. 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 1 year low of $27.47 and a 1 year high of $43.20.

nCino (NASDAQ:NCNO) last released its earnings results on Tuesday, August 27th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $132.40 million during the quarter, compared to analysts’ expectations of $131.06 million. nCino had a positive return on equity of 1.06% and a negative net margin of 5.78%. The company’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. Analysts expect that nCino, Inc. will post 0.05 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stephens reissued an “equal weight” rating and issued a $35.00 target price on shares of nCino in a report on Wednesday, August 28th. Macquarie reiterated an “outperform” rating and set a $40.00 target price on shares of nCino in a research report on Wednesday, October 23rd. Raymond James upgraded shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 target price for the company in a research report on Tuesday, September 3rd. The Goldman Sachs Group upgraded shares of nCino from a “neutral” rating to a “buy” rating and upped their target price for the company from $34.00 to $42.00 in a research report on Wednesday, August 14th. Finally, Needham & Company LLC dropped 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 investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, nCino has an average rating of “Moderate Buy” and an average price target of $39.25.

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.