nCino (NASDAQ:NCNO) Shares Climb 7.3% - What's Next?

Key Points

• nCino shares rose 7.3% to approximately $19.45 in mid-day trading, although volume was 71% below the stock’s average daily volume.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and a $24.38 average price target, with Morgan Stanley and Barclays recently raising their targets.
• Institutional investors own approximately 94.76% of nCino, while insiders sold shares during the quarter primarily to cover tax withholding obligations tied to vested equity awards.

Shares of nCino Inc. (NASDAQ:NCNO - Get Free Report) shot up 7.3% during mid-day trading on Thursday. The company 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 daily volume of 2,874,214 shares. The stock had previously closed at $18.13.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NCNO shares. Morgan Stanley raised their target price on nCino from $23.00 to $25.00 and gave the company an "overweight" rating in a research note on Wednesday, August 26th. Barclays upped their target price on nCino from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Wednesday, August 26th. Zacks Research downgraded nCino from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Wall Street Zen upgraded nCino from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. Finally, UBS Group restated a "buy" rating on shares of nCino in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.38.

nCino Stock Up 7.0%

The company has a market capitalization of $2.05 billion, a P/E ratio of 64.85 and a beta of 0.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a 50-day moving average price of $20.34 and a 200-day moving average price of $17.76.

Insider Buying and Selling

In related news, SVP Jeanette Sellers sold 1,536 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.53, for a total transaction of $29,998.08. Following the sale, the senior vice president owned 48,453 shares of the company's stock, valued at approximately $946,287.09. This represents a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 6,098 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $21.98, for a total value of $134,034.04. Following the completion of the sale, the insider directly owned 369,651 shares in the company, valued at approximately $8,124,928.98. The trade was a 1.62% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 90,138 shares of company stock valued at $1,777,515. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of nCino

A number of hedge funds and other institutional investors have recently bought and sold shares of NCNO. Integrated Wealth Concepts LLC purchased a new stake in nCino during the 2nd quarter valued at approximately $344,000. IFP Advisors Inc lifted its holdings in shares of nCino by 7,370.4% during the 2nd quarter. IFP Advisors Inc now owns 2,017 shares of the company's stock valued at $33,000 after purchasing an additional 1,990 shares during the last quarter. Allworth Financial LP grew its stake in nCino by 282.4% during the 2nd quarter. Allworth Financial LP now owns 13,268 shares of the company's stock valued at $217,000 after purchasing an additional 9,798 shares during the last quarter. Corient Private Wealth LP raised its stake in shares of nCino by 83.1% during the 2nd quarter. Corient Private Wealth LP now owns 33,960 shares of the company's stock valued at $555,000 after buying an additional 15,410 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of nCino during the 2nd quarter worth about $455,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

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.

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