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

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

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Needham & Company LLC boosted 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. Morgan Stanley reduced their target price on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, December 6th. Piper Sandler reissued a “neutral” rating and set a $38.00 target price on shares of nCino in a research note on Thursday, December 5th. Barclays raised shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 target price for the company in a research note on Monday, January 6th. Finally, Stephens boosted their price target on shares of nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

nCino Price Performance

Shares of NASDAQ NCNO traded up $0.26 during midday trading on Wednesday, reaching $28.77. The company’s stock had a trading volume of 745,372 shares, compared to its average volume of 1,215,974. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The company has a 50 day moving average price of $31.99 and a 200 day moving average price of $34.22. nCino has a one year low of $27.29 and a one year high of $43.20. The company has a market cap of $3.33 billion, a price-to-earnings ratio of -169.23, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66.

Insider Activity

In other news, Director Jeff Horing sold 54,876 shares of nCino stock in a transaction dated 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 transaction, the director now directly owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider April Rieger sold 4,325 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $140,995.00. Following the transaction, the insider now directly owns 145,953 shares of the company’s stock, valued at $4,758,067.80. The trade was a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 86,877 shares of company stock valued at $2,963,893. Company insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On nCino

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

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.