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

nCino, Inc. (NASDAQ:NCNO) was the recipient of a large increase in short interest in the month of 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. Based on an average daily trading volume, of 1,370,000 shares, the short-interest ratio is currently 7.3 days. Currently, 12.0% of the company’s stock are short sold.

Insider Buying and Selling

In related news, CEO Sean Desmond sold 5,034 shares of the firm’s 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 $164,108.40. Following the transaction, the chief executive officer now owns 306,477 shares in the company, valued at $9,991,150.20. This trade represents a 1.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeff Horing sold 54,876 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the sale, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,877 shares of company stock valued at $2,963,893 in the last ninety days. Company insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On nCino

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wasatch Advisors LP boosted its stake in shares of nCino by 171.9% during the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock worth $207,450,000 after purchasing an additional 3,905,802 shares during the last quarter. Invesco Ltd. grew its position in shares of nCino by 3,006.0% in the fourth quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock valued at $87,392,000 after purchasing an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of nCino in the fourth quarter valued at $81,254,000. Conestoga Capital Advisors LLC purchased a new stake in shares of nCino in the fourth quarter valued at $70,256,000. Finally, T. Rowe Price Investment Management Inc. grew its position in shares of nCino by 139.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock valued at $108,834,000 after purchasing an additional 1,889,283 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

nCino Price Performance

nCino stock traded down $0.28 during mid-day trading on Thursday, reaching $28.49. The company had a trading volume of 194,994 shares, compared to its average volume of 1,211,931. The stock’s 50-day simple moving average is $31.99 and its 200-day simple moving average is $34.22. nCino has a 1 year low of $27.29 and a 1 year high of $43.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The company has a market capitalization of $3.30 billion, a P/E ratio of -167.90, a P/E/G ratio of 5.77 and a beta of 0.66.

Analyst Ratings Changes

NCNO has been the topic of a number of recent research reports. Macquarie lifted their target price on shares of nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, December 6th. UBS Group started coverage on shares of nCino in a research note on Monday, December 16th. They issued a “buy” rating and a $44.00 price objective on the stock. Piper Sandler reiterated a “neutral” rating and set a $38.00 target price on shares of nCino in a research note on Thursday, December 5th. Needham & Company LLC upped their price objective on nCino from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Scotiabank increased their price objective on nCino from $36.00 to $46.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.50.

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.