nCino (NASDAQ:NCNO) Trading Up 7.3% - Time to Buy?

Key Points

• nCino shares rose 7.3% to approximately $17.77 in mid-day trading, although volume was 93% below the average daily level.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $25.29; recent targets range from $21 to $23 after several reductions.
• Institutional investors own 94.76% of the company, while insiders sold shares mainly to cover tax obligations tied to equity awards. nCino trades at a high P/E ratio of 150.32, reflecting a premium valuation.

nCino Inc. (NASDAQ:NCNO - Get Free Report) shot up 7.3% during mid-day trading on Monday . The company traded as high as $17.72 and last traded at $17.7650. Approximately 208,043 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 3,002,115 shares. The stock had previously closed at $16.56.

Analysts Set New Price Targets

A number of research firms have weighed in on NCNO. Morgan Stanley decreased their price target on nCino from $36.00 to $21.00 and set an "overweight" rating for the company in a research note on Monday, March 30th. Citizens Jmp cut their price objective on nCino from $32.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, May 18th. Weiss Ratings raised nCino from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, May 28th. Barclays lifted their target price on shares of nCino from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, April 1st. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of nCino in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, nCino currently has an average rating of "Moderate Buy" and an average target price of $25.29.

nCino Price Performance

The business's 50 day moving average is $16.12 and its 200-day moving average is $17.47. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $1.98 billion, a P/E ratio of 150.32 and a beta of 0.68.

Insiders Place Their Bets

In other nCino news, Director Pierre Naude sold 35,650 shares of nCino stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $642,413.00. Following the transaction, the director owned 1,108,473 shares in the company, valued at $19,974,683.46. The trade was a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 9,693 shares of the business's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $174,667.86. Following the transaction, the insider directly owned 383,601 shares of the company's stock, valued at approximately $6,912,490.02. The trade was a 2.46% 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 a total of 119,964 shares of company stock valued at $2,143,529 over the last ninety days. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On nCino

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in nCino by 16.6% in the first quarter. Millennium Management LLC now owns 303,853 shares of the company's stock valued at $8,347,000 after buying an additional 43,247 shares in the last quarter. Woodline Partners LP boosted its holdings in shares of nCino by 105.3% during the 1st quarter. Woodline Partners LP now owns 13,227 shares of the company's stock valued at $363,000 after acquiring an additional 6,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of nCino by 16.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company's stock valued at $7,731,000 after acquiring an additional 39,345 shares in the last quarter. Prudential Financial Inc. bought a new stake in nCino during the 2nd quarter worth $208,000. Finally, Marshall Wace LLP bought a new stake in nCino during the 2nd quarter worth $4,163,000. Institutional investors own 94.76% of the company's stock.

About nCino

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.