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

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

Analysts Set New Price Targets

Several brokerages recently weighed in on NCNO. Robert W. Baird cut their price target on shares of nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, December 5th. Morgan Stanley cut their price target on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, December 6th. KeyCorp reiterated a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. Stephens reiterated an “equal weight” rating and issued a $38.00 price target on shares of nCino in a report on Thursday. Finally, UBS Group began coverage on shares of nCino in a report on Monday, December 16th. They issued a “buy” rating and a $44.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.50.

nCino Price Performance

Shares of NASDAQ:NCNO traded down $0.28 during midday trading on Thursday, reaching $28.49. 194,994 shares of the company’s stock traded hands, compared to its average volume of 1,211,931. nCino has a 1 year low of $27.29 and a 1 year high of $43.20. The company has a market cap of $3.30 billion, a P/E ratio of -167.90, a PEG ratio of 5.77 and a beta of 0.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The company has a fifty day simple moving average of $31.99 and a two-hundred day simple moving average of $34.22.

Insider Activity

In other news, CFO Gregory Orenstein sold 5,148 shares of the company’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 $167,824.80. Following the transaction, the chief financial officer now owns 271,744 shares in the company, valued at $8,858,854.40. This represents a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider April Rieger sold 4,325 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the completion of the transaction, the insider now owns 145,953 shares in the company, valued at approximately $4,758,067.80. This trade represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,877 shares of company stock worth $2,963,893 over the last 90 days. 28.40% of the stock is currently owned by corporate insiders.

Institutional Trading of nCino

A number of hedge funds and other institutional investors have recently modified their holdings of NCNO. California State Teachers Retirement System boosted its holdings in nCino by 5.4% in the 4th quarter. California State Teachers Retirement System now owns 85,835 shares of the company’s stock valued at $2,882,000 after purchasing an additional 4,417 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in nCino in the fourth quarter valued at $227,000. Public Employees Retirement System of Ohio lifted its stake in shares of nCino by 30.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 160,216 shares of the company’s stock valued at $5,380,000 after purchasing an additional 37,260 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of nCino by 67.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 242,090 shares of the company’s stock valued at $8,129,000 after purchasing an additional 97,333 shares during the last quarter. Finally, Woodline Partners LP purchased a new position in shares of nCino during the 4th quarter worth $216,000. 94.76% of the stock is owned by institutional investors and hedge funds.

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.