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

nCino, Inc. (NASDAQ:NCNO) was the recipient of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 3,950,000 shares, a growth of 19.0% from the May 15th total of 3,320,000 shares. Based on an average daily volume of 1,090,000 shares, the short-interest ratio is presently 3.6 days. Approximately 5.0% of the shares of the stock are sold short.

nCino Stock Down 1.1 %

nCino stock traded down $0.35 during midday trading on Monday, hitting $31.34. The stock had a trading volume of 717,432 shares, compared to its average volume of 940,373. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.10. The stock has a market cap of $3.61 billion, a P/E ratio of -100.16, a P/E/G ratio of 16.57 and a beta of 0.59. nCino has a 12 month low of $27.13 and a 12 month high of $37.48. The business has a fifty day moving average price of $30.87 and a 200 day moving average price of $31.39.

nCino (NASDAQ:NCNO) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.08. The firm had revenue of $123.69 million during the quarter, compared to analysts’ expectations of $124.58 million. nCino had a negative net margin of 6.94% and a positive return on equity of 1.13%. Research analysts predict that nCino will post 0.08 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NCNO shares. Stephens reiterated an “equal weight” rating and issued a $35.00 target price on shares of nCino in a report on Thursday, May 30th. Morgan Stanley boosted their price objective on nCino from $27.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 27th. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of nCino in a research note on Thursday, May 30th. Piper Sandler reduced their price objective on nCino from $42.00 to $38.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Finally, Keefe, Bruyette & Woods assumed coverage on nCino in a research note on Tuesday, April 9th. They set an “outperform” rating and a $41.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.64.

Insider Buying and Selling

In other nCino news, CEO Pierre Naude sold 10,924 shares of nCino stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $34.41, for a total value of $375,894.84. Following the completion of the sale, the chief executive officer now directly owns 1,159,395 shares of the company’s stock, valued at approximately $39,894,781.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Pierre Naude sold 10,924 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $34.41, for a total transaction of $375,894.84. Following the completion of the sale, the chief executive officer now directly owns 1,159,395 shares of the company’s stock, valued at approximately $39,894,781.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider April Rieger sold 27,513 shares of nCino stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $36.09, for a total value of $992,944.17. Following the completion of the transaction, the insider now owns 128,075 shares in the company, valued at approximately $4,622,226.75. The disclosure for this sale can be found here. Insiders sold 3,015,064 shares of company stock worth $98,957,740 in the last ninety days. Insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On nCino

A number of large investors have recently bought and sold shares of NCNO. Capital International Investors bought a new stake in nCino in the first quarter worth $60,703,000. Norges Bank bought a new stake in nCino during the fourth quarter valued at about $25,336,000. Clearbridge Investments LLC bought a new stake in nCino during the third quarter valued at about $17,398,000. Norden Group LLC boosted its holdings in nCino by 2,388.5% during the first quarter. Norden Group LLC now owns 454,665 shares of the company’s stock valued at $16,995,000 after acquiring an additional 436,394 shares during the period. Finally, Bamco Inc. NY boosted its holdings in nCino by 83.7% during the first quarter. Bamco Inc. NY now owns 925,000 shares of the company’s stock valued at $34,576,000 after acquiring an additional 421,500 shares during the period. 94.76% of the stock is currently owned by institutional investors.

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.