Drive Wealth Management LLC Decreases Position in nCino, Inc. (NASDAQ:NCNO)

Drive Wealth Management LLC lowered its stake in shares of nCino, Inc. (NASDAQ:NCNO) by 3.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 134,821 shares of the company’s stock after selling 5,492 shares during the quarter. nCino accounts for about 1.1% of Drive Wealth Management LLC’s portfolio, making the stock its 17th largest position. Drive Wealth Management LLC’s holdings in nCino were worth $4,240,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Crewe Advisors LLC purchased a new position in nCino in the second quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of nCino during the 1st quarter worth $52,000. Covestor Ltd lifted its position in shares of nCino by 29.6% during the 1st quarter. Covestor Ltd now owns 2,736 shares of the company’s stock worth $102,000 after purchasing an additional 625 shares during the last quarter. Lazard Asset Management LLC increased its holdings in nCino by 145.6% in 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 last quarter. Finally, Advisory Services Network LLC purchased a new position in nCino in the fourth quarter valued at $171,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at nCino

In related news, CEO Pierre Naude sold 14,101 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $30.15, for a total value of $425,145.15. Following the sale, the chief executive officer now directly owns 1,114,239 shares of the company’s stock, valued at $33,594,305.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Pierre Naude sold 14,101 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $30.15, for a total value of $425,145.15. Following the sale, the chief executive officer now owns 1,114,239 shares of the company’s stock, valued at approximately $33,594,305.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider April Rieger sold 8,856 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $31.23, for a total value of $276,572.88. Following the transaction, the insider now owns 165,791 shares of the company’s stock, valued at approximately $5,177,652.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,642,425 shares of company stock valued at $212,241,592. Company insiders own 28.40% of the company’s stock.

Wall Street Analysts Forecast Growth

NCNO has been the subject of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective on shares of nCino in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $43.00 price target on shares of nCino in a report on Wednesday. William Blair reiterated an “outperform” rating on shares of nCino in a research note on Wednesday. Stephens restated an “equal weight” rating and set a $35.00 price objective on shares of nCino in a research report on Wednesday. Finally, Robert W. Baird dropped their target price on shares of nCino from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, nCino currently has an average rating of “Moderate Buy” and an average target price of $38.00.

nCino Stock Performance

nCino stock traded down $0.23 during midday trading on Friday, hitting $29.96. 2,636,163 shares of the company’s stock were exchanged, compared to its average volume of 1,246,433. The firm’s 50 day simple moving average is $32.25 and its 200 day simple moving average is $31.43. nCino, Inc. has a 12-month low of $27.13 and a 12-month high of $37.48. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.07 and a current ratio of 1.08. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -96.64, a price-to-earnings-growth ratio of 17.28 and a beta of 0.59.

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 the consensus estimate of $0.13 by $0.01. The company had revenue of $132.40 million for 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 firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.02) EPS. Equities research analysts predict that nCino, Inc. will post 0.06 EPS for the current year.

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.