Short Interest in nCino, Inc. (NASDAQ:NCNO) Rises By 19.9%

nCino, Inc. (NASDAQ:NCNO) was the target 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 volume of 1,370,000 shares, the days-to-cover ratio is presently 7.3 days. Currently, 12.0% of the company’s shares are sold short.

nCino Price Performance

Shares of NASDAQ:NCNO traded down $0.18 during trading on Tuesday, hitting $28.51. 999,715 shares of the stock were exchanged, compared to its average volume of 1,214,846. nCino has a 12-month low of $27.29 and a 12-month high of $43.20. The company has a market cap of $3.30 billion, a PE ratio of -167.70, a P/E/G ratio of 5.77 and a beta of 0.66. The company has a fifty day moving average price of $32.08 and a two-hundred day moving average price of $34.26. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20.

Insider Transactions at nCino

In related news, Director Jeff Horing sold 4,474,158 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $35.75, for a total transaction of $159,951,148.50. Following the sale, the director now directly owns 4,513,467 shares of the company’s stock, valued at $161,356,445.25. This represents a 49.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider April Rieger sold 4,325 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $140,995.00. Following the sale, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. This represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,561,035 shares of company stock worth $162,915,041. 28.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp purchased a new stake in shares of nCino in the fourth quarter valued at about $34,000. Hilltop National Bank acquired a new stake in nCino during the 4th quarter valued at $37,000. Johnson Financial Group Inc. purchased a new position in nCino during the fourth quarter worth $57,000. Asset Management One Co. Ltd. raised its holdings in shares of nCino by 16.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after acquiring an additional 323 shares during the last quarter. Finally, West Tower Group LLC purchased a new stake in shares of nCino in the third quarter valued at $126,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

NCNO has been the topic of a number of research analyst reports. KeyCorp reissued a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. UBS Group started coverage on nCino in a research report on Monday, December 16th. They set a “buy” rating and a $44.00 target price on the stock. Needham & Company LLC raised their price target on nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Piper Sandler reiterated a “neutral” rating and issued a $38.00 price target on shares of nCino in a research report on Thursday, December 5th. Finally, Robert W. Baird dropped their price objective 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. Five equities research 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 an average price target 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.