nCino, Inc. (NASDAQ:NCNO) Sees Large Growth in Short Interest

nCino, Inc. (NASDAQ:NCNO) saw a large increase in short interest in February. As of February 28th, there was short interest totalling 9,990,000 shares, an increase of 19.9% from the February 13th total of 8,330,000 shares. Currently, 12.0% of the company’s stock are short sold. Based on an average daily trading volume, of 1,370,000 shares, the days-to-cover ratio is presently 7.3 days.

Analyst Ratings Changes

NCNO has been the topic of several analyst reports. Robert W. Baird dropped their price target on shares of nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, December 5th. Keefe, Bruyette & Woods raised their target price on shares of nCino from $41.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. William Blair reiterated an “outperform” rating on shares of nCino in a research note on Thursday, December 5th. 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 research note on Thursday, December 5th. Finally, Scotiabank raised their target price on shares of nCino from $36.00 to $46.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.50.

nCino Price Performance

Shares of NASDAQ:NCNO traded up $0.26 during midday trading on Wednesday, reaching $28.77. 745,372 shares of the company’s stock were exchanged, compared to its average volume of 1,215,974. The company’s 50 day simple moving average is $31.99 and its two-hundred day simple moving average is $34.22. The firm has a market capitalization of $3.33 billion, a PE ratio of -169.23, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. nCino has a 12 month low of $27.29 and a 12 month high of $43.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

Insiders Place Their Bets

In other nCino news, CEO Sean Desmond sold 5,034 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $164,108.40. Following the completion of the sale, the chief executive officer now owns 306,477 shares in the company, valued at $9,991,150.20. This represents a 1.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider April Rieger sold 4,325 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the completion of the sale, the insider now owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,877 shares of company stock worth $2,963,893 in the last quarter. 28.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On nCino

A number of hedge funds and other institutional investors have recently made changes to their positions in NCNO. Victory Capital Management Inc. lifted its holdings in nCino by 15.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,784 shares of the company’s stock valued at $372,000 after purchasing an additional 1,536 shares during the last quarter. Natixis Advisors LLC increased its position in nCino by 5.9% in the 3rd quarter. Natixis Advisors LLC now owns 14,711 shares of the company’s stock valued at $465,000 after acquiring an additional 822 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in nCino in the 3rd quarter valued at about $689,000. Quest Partners LLC grew its position in shares of nCino by 30.4% during the 3rd quarter. Quest Partners LLC now owns 25,231 shares of the company’s stock worth $797,000 after buying an additional 5,879 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of nCino during the 3rd quarter worth approximately $6,288,000. 94.76% of the stock is owned by institutional investors.

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.