Drive Wealth Management LLC Cuts Stock Holdings in nCino, Inc. (NASDAQ:NCNO)

Drive Wealth Management LLC decreased its stake in nCino, Inc. (NASDAQ:NCNO) by 4.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,956 shares of the company’s stock after selling 5,865 shares during the period. nCino comprises about 1.1% of Drive Wealth Management LLC’s investment portfolio, making the stock its 14th biggest position. Drive Wealth Management LLC owned 0.11% of nCino worth $4,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Crewe Advisors LLC bought a new position in shares of nCino during the second quarter valued at about $26,000. Asset Management One Co. Ltd. raised its position in nCino by 21.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock valued at $62,000 after purchasing an additional 341 shares during the last quarter. Covestor Ltd lifted its holdings in nCino by 29.6% in the 1st quarter. Covestor Ltd now owns 2,736 shares of the company’s stock worth $102,000 after buying an additional 625 shares during the period. Benjamin F. Edwards & Company Inc. grew its position 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 buying an additional 1,358 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of nCino by 145.6% during the first quarter. Lazard Asset Management LLC now owns 4,516 shares of the company’s stock valued at $168,000 after buying an additional 2,677 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Analyst Ratings Changes

NCNO has been the topic of a number of research analyst reports. Truist Financial reissued a “buy” rating and set a $44.00 price objective (up from $37.00) on shares of nCino in a research report on Monday, October 21st. Raymond James raised shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 price target for the company in a research note on Tuesday, September 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective on shares of nCino in a research report on Wednesday, August 28th. Stephens reiterated an “equal weight” rating and set a $35.00 target price on shares of nCino in a report on Wednesday, August 28th. Finally, JMP Securities restated a “market outperform” rating and issued a $43.00 target price on shares of nCino in a research note on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, nCino currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.82.

Insiders Place Their Bets

In other nCino news, Director Jeff Horing sold 1,356,721 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $36.02, for a total transaction of $48,869,090.42. Following the transaction, the director now directly owns 14,656,746 shares in the company, valued at $527,935,990.92. This represents a 8.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Desmond sold 30,000 shares of nCino stock in a transaction on Monday, October 14th. The shares were sold at an average price of $34.77, for a total value of $1,043,100.00. Following the completion of the sale, the insider now directly owns 341,511 shares of the company’s stock, valued at $11,874,337.47. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,235,582 shares of company stock valued at $117,618,559. Insiders own 28.40% of the company’s stock.

nCino Trading Down 1.2 %

nCino stock opened at $40.22 on Monday. 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 stock has a market cap of $4.65 billion, a PE ratio of -148.96, a price-to-earnings-growth ratio of 33.35 and a beta of 0.55. The stock has a 50-day moving average of $34.59 and a two-hundred day moving average of $32.66. nCino, Inc. has a one year low of $27.47 and a one year high of $43.20.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, August 27th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. The business had revenue of $132.40 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.02) EPS. On average, research analysts anticipate that nCino, Inc. will post 0.05 EPS for the current fiscal year.

About nCino

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.