nCino (NASDAQ:NCNO) Shares Climb 7.3% – Still a Buy?

nCino Inc. (NASDAQ:NCNO)’s share price rose 7.3% during mid-day trading on Thursday. The stock traded as high as $19.57 and last traded at $19.4480. Approximately 836,975 shares traded hands during trading, a decline of 71% from the average session volume of 2,874,214 shares. The stock had previously closed at $18.13.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NCNO. Citizens Jmp raised their price objective on nCino from $23.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 26th. Wall Street Zen raised shares of nCino from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Barclays increased their target price on shares of nCino from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 26th. Truist Financial boosted their price target on shares of nCino from $19.00 to $20.00 and gave the company a “hold” rating in a research note on Wednesday, August 26th. Finally, Morgan Stanley upped their price target on nCino from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.38.

nCino Trading Down 3.5%

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.34. The business’s fifty day simple moving average is $20.44 and its two-hundred day simple moving average is $17.79. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 62.27 and a beta of 0.81.

Insider Activity

In other nCino news, Director Pierre Naude sold 4,677 shares of nCino stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $89,891.94. Following the transaction, the director owned 1,116,707 shares of the company’s stock, valued at $21,463,108.54. The trade was a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Orenstein sold 11,780 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $226,411.60. Following the completion of the sale, the chief financial officer owned 690,513 shares of the company’s stock, valued at approximately $13,271,659.86. This represents a 1.68% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 90,138 shares of company stock worth $1,777,515 over the last three months. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in nCino in the 2nd quarter valued at $147,492,000. Senvest Management LLC raised its position in nCino by 30.2% during the 1st quarter. Senvest Management LLC now owns 5,308,468 shares of the company’s stock worth $79,521,000 after buying an additional 1,230,192 shares during the last quarter. Bank of America Corp DE purchased a new position in nCino during the 2nd quarter worth $84,319,000. American Capital Management Inc. acquired a new stake in shares of nCino in the 2nd quarter worth $83,508,000. Finally, HMI Capital Management L.P. acquired a new stake in shares of nCino in the 2nd quarter worth $81,598,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

nCino Company Profile

nCino, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to help institutions modernize and manage core banking processes through a unified, configurable operating environment.

The company’s products support commercial, small-business and consumer lending; account opening and deposit origination; customer onboarding; loan and relationship management; workflow automation; and portfolio and analytics capabilities.