Fifth Third Bancorp Has $5.12 Million Holdings in nCino Inc. $NCNO

Fifth Third Bancorp grew its holdings in nCino Inc. (NASDAQ:NCNO) by 43,148.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 341,665 shares of the company’s stock after purchasing an additional 340,875 shares during the quarter. Fifth Third Bancorp’s holdings in nCino were worth $5,118,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of America Corp DE lifted its position in nCino by 475.1% during the 3rd quarter. Bank of America Corp DE now owns 2,513,686 shares of the company’s stock worth $68,146,000 after buying an additional 2,076,579 shares in the last quarter. Millennium Management LLC increased its position in nCino by 262.8% in the 4th quarter. Millennium Management LLC now owns 2,341,532 shares of the company’s stock valued at $60,037,000 after acquiring an additional 1,696,051 shares in the last quarter. Senvest Management LLC lifted its position in shares of nCino by 68.6% during the fourth quarter. Senvest Management LLC now owns 4,078,276 shares of the company’s stock worth $104,567,000 after purchasing an additional 1,658,868 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of nCino during the third quarter valued at approximately $36,962,000. Finally, Ophir Asset Management Pty Ltd acquired a new stake in shares of nCino in the fourth quarter valued at approximately $33,985,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of nCino in a report on Thursday, May 28th. Robert W. Baird cut their price target on shares of nCino from $34.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Piper Sandler raised nCino from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $30.00 to $22.00 in a research note on Wednesday, April 1st. Zacks Research upgraded nCino from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 31st. Finally, Barclays boosted their price target on nCino from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, nCino currently has a consensus rating of “Moderate Buy” and an average price target of $25.29.

nCino Stock Performance

Shares of nCino stock opened at $17.85 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. nCino Inc. has a 1-year low of $13.80 and a 1-year high of $33.92. The business has a 50-day moving average price of $15.99 and a two-hundred day moving average price of $17.82. The company has a market cap of $1.96 billion, a P/E ratio of 148.75 and a beta of 0.68.

Insider Activity

In other nCino news, CEO Sean Desmond sold 22,073 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $397,755.46. Following the completion of the sale, the chief executive officer directly owned 1,271,016 shares of the company’s stock, valued at approximately $22,903,708.32. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Orenstein sold 14,650 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total transaction of $263,993.00. Following the sale, the chief financial officer owned 702,293 shares of the company’s stock, valued at approximately $12,655,319.86. The trade was a 2.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 119,964 shares of company stock worth $2,143,529. Company insiders own 1.90% of the company’s stock.

nCino Company Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.