nCino (NASDAQ:NCNO) Sees Unusually-High Trading Volume – Still a Buy?

nCino, Inc. (NASDAQ:NCNO) shares saw strong trading volume on Wednesday . 4,717,876 shares traded hands during trading, an increase of 330% from the previous session’s volume of 1,097,252 shares.The stock last traded at $36.15 and had previously closed at $35.40.

Analyst Ratings Changes

NCNO has been the subject of a number of research analyst reports. Truist Financial reiterated a “buy” rating and set a $44.00 price objective (up from $37.00) on shares of nCino in a research report on Monday, October 21st. Piper Sandler reiterated a “neutral” rating and issued a $38.00 price target on shares of nCino in a research note on Thursday, December 5th. Scotiabank boosted 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. Macquarie lifted their price target on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, UBS Group initiated coverage on nCino in a research note on Monday. They issued a “buy” rating and a $44.00 price objective for the company. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, nCino has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

nCino Stock Performance

The firm has a market capitalization of $4.08 billion, a PE ratio of -207.16, a price-to-earnings-growth ratio of 16.39 and a beta of 0.59. 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 business’s 50 day simple moving average is $38.63 and its two-hundred day simple moving average is $33.95.

Insider Activity at nCino

In other nCino news, CFO Gregory Orenstein sold 3,885 shares of nCino stock in a transaction on Monday, October 14th. The shares were sold at an average price of $35.05, for a total value of $136,169.25. Following the sale, the chief financial officer now directly owns 276,892 shares in the company, valued at approximately $9,705,064.60. The trade was a 1.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William J. Ruh sold 10,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $37.50, for a total value of $375,000.00. Following the transaction, the director now owns 226,201 shares of the company’s stock, valued at approximately $8,482,537.50. The trade was a 4.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,944,079 shares of company stock worth $180,523,026. 28.40% of the stock is owned by company insiders.

Institutional Trading of nCino

A number of large investors have recently made changes to their positions in NCNO. Long Path Partners LP increased its position in nCino by 151.1% during the second quarter. Long Path Partners LP now owns 2,590,135 shares of the company’s stock valued at $81,460,000 after acquiring an additional 1,558,529 shares during the last quarter. ShawSpring Partners LLC grew its holdings in nCino by 115.9% during the 3rd quarter. ShawSpring Partners LLC now owns 2,653,687 shares of the company’s stock valued at $83,830,000 after purchasing an additional 1,424,349 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in nCino in the 2nd quarter worth about $41,805,000. Senator Investment Group LP bought a new stake in nCino in the second quarter worth about $40,885,000. Finally, Millennium Management LLC boosted its position in shares of nCino by 438.3% during the second quarter. Millennium Management LLC now owns 1,452,242 shares of the company’s stock valued at $45,673,000 after buying an additional 1,182,452 shares during the period. 94.76% of the stock is currently 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.