nCino, Inc. (NASDAQ:NCNO) Short Interest Up 19.9% in February

nCino, Inc. (NASDAQ:NCNO) was the target of a significant growth in short interest during 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. Based on an average daily volume of 1,370,000 shares, the days-to-cover ratio is currently 7.3 days. Approximately 12.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

NCNO has been the subject of a number of recent analyst reports. Robert W. Baird decreased their price target on shares of nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. William Blair restated an “outperform” rating on shares of nCino in a research note on Thursday, December 5th. UBS Group began coverage on nCino in a research report on Monday, December 16th. They set a “buy” rating and a $44.00 price target on the stock. KeyCorp reissued a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. Finally, Macquarie increased their target price on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

Insider Transactions at nCino

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

Institutional Trading of nCino

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

nCino Price Performance

NASDAQ:NCNO traded down $0.18 during mid-day trading on Tuesday, reaching $28.51. 999,715 shares of the stock were exchanged, compared to its average volume of 1,214,846. nCino has a 1-year low of $27.29 and a 1-year high of $43.20. 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 firm has a market capitalization of $3.30 billion, a PE ratio of -167.70, a PEG ratio of 5.77 and a beta of 0.66. The business has a fifty day moving average price of $32.08 and a 200 day moving average price of $34.26.

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.