Synovus Financial Corp Buys New Position in nCino, Inc. (NASDAQ:NCNO)

Synovus Financial Corp bought a new stake in nCino, Inc. (NASDAQ:NCNO) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 20,763 shares of the company’s stock, valued at approximately $656,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Crewe Advisors LLC acquired a new position in shares of nCino in the second quarter valued at approximately $26,000. Asset Management One Co. Ltd. grew its stake in shares of nCino by 21.1% in the third 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. increased its position in shares of nCino by 97.2% during the second 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 during the period. West Tower Group LLC acquired a new stake in shares of nCino in the third quarter valued at $126,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in nCino in the third quarter valued at $152,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at nCino

In other nCino news, insider Sean Desmond sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $34.77, for a total transaction 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. This represents a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gregory Orenstein sold 3,885 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $35.05, for a total value of $136,169.25. Following the sale, the chief financial officer now directly owns 276,892 shares of the company’s stock, 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. Over the last quarter, insiders sold 4,944,079 shares of company stock worth $180,523,026. 28.40% of the stock is owned by insiders.

nCino Stock Down 1.6 %

Shares of NASDAQ NCNO opened at $35.40 on Wednesday. The business has a 50-day moving average price of $38.56 and a 200 day moving average price of $33.94. The stock has a market cap of $4.10 billion, a PE ratio of -208.24, a price-to-earnings-growth ratio of 16.82 and a beta of 0.59. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 52-week low of $28.09 and a 52-week high of $43.20.

Analyst Ratings Changes

NCNO has been the topic of several recent research reports. Barclays upped their price target on nCino from $34.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, November 25th. Needham & Company LLC raised their target price on shares of nCino from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Raymond James upgraded shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 price target for the company in a report on Tuesday, September 3rd. Macquarie raised their price objective on shares of nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, William Blair reaffirmed an “outperform” rating on shares of nCino in a research report on Thursday, December 5th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.50.

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.