nCino, Inc. (NASDAQ:NCNO) Short Interest Down 30.6% in April

nCino, Inc. (NASDAQ:NCNO - Get Free Report) was the target of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 3,880,000 shares, a decrease of 30.6% from the March 31st total of 5,590,000 shares. Approximately 5.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 945,100 shares, the days-to-cover ratio is presently 4.1 days.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. William Blair reaffirmed an "outperform" rating on shares of nCino in a research report on Wednesday, March 27th. Morgan Stanley increased their price target on shares of nCino from $27.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 27th. Needham & Company LLC raised their target price on shares of nCino from $40.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, March 27th. Keefe, Bruyette & Woods started coverage on shares of nCino in a report on Tuesday, April 9th. They issued an "outperform" rating and a $41.00 target price on the stock. Finally, Piper Sandler reiterated an "overweight" rating and issued a $42.00 price target on shares of nCino in a research note on Wednesday, March 27th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, nCino has a consensus rating of "Moderate Buy" and an average price target of $35.91.

nCino Stock Performance

NASDAQ:NCNO traded down $0.27 during midday trading on Friday, reaching $29.51. The stock had a trading volume of 884,312 shares, compared to its average volume of 1,230,254. The firm has a fifty day simple moving average of $31.14 and a two-hundred day simple moving average of $30.94. nCino has a 12-month low of $21.26 and a 12-month high of $37.48. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.05. The stock has a market cap of $3.37 billion, a P/E ratio of -77.66, a P/E/G ratio of 24.70 and a beta of 0.49.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly earnings data on Tuesday, March 26th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of ($0.01) by $0.08. nCino had a negative net margin of 8.89% and a positive return on equity of 0.31%. The firm had revenue of $123.69 million for the quarter, compared to analyst estimates of $124.58 million. On average, equities analysts expect that nCino will post 0.05 EPS for the current year.

Insider Transactions at nCino

In other news, CFO Gregory Orenstein sold 2,410 shares of the company'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 $82,928.10. Following the completion of the sale, the chief financial officer now owns 295,246 shares of the company's stock, valued at $10,159,414.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Gregory Orenstein sold 2,410 shares of the company's stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $34.41, for a total value of $82,928.10. Following the completion of the sale, the chief financial officer now owns 295,246 shares of the company's stock, valued at $10,159,414.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Ruh sold 5,000 shares of the company's stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $34.51, for a total transaction of $172,550.00. Following the completion of the sale, the director now directly owns 251,201 shares of the company's stock, valued at approximately $8,668,946.51. The disclosure for this sale can be found here. Insiders sold 1,105,300 shares of company stock valued at $38,835,333 over the last 90 days. 38.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On nCino

A number of hedge funds and other institutional investors have recently bought and sold shares of NCNO. Norges Bank acquired a new stake in nCino in the fourth quarter valued at $25,336,000. Clearbridge Investments LLC acquired a new stake in nCino in the third quarter valued at $17,398,000. Norden Group LLC lifted its holdings in nCino by 2,388.5% in 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. Wasatch Advisors LP lifted its holdings in nCino by 18.9% in the fourth quarter. Wasatch Advisors LP now owns 2,253,248 shares of the company's stock valued at $75,777,000 after acquiring an additional 358,766 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in nCino by 20.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,034,908 shares of the company's stock valued at $34,807,000 after acquiring an additional 177,799 shares during the period. Institutional investors and hedge funds own 94.76% of the company's stock.

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.