nCino (NASDAQ:NCNO) Stock Price Up 6.9% – Should You Buy?

nCino Inc. (NASDAQ:NCNO)’s stock price shot up 6.9% during trading on Thursday. The stock traded as high as $20.66 and last traded at $21.03. 161,777 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 2,809,471 shares. The stock had previously closed at $19.67.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of nCino in a research report on Wednesday, August 26th. Truist Financial increased their price objective on nCino from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Wednesday, August 26th. Wall Street Zen upgraded nCino from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Morgan Stanley lifted their price objective on nCino from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, August 26th. Finally, BTIG Research restated a “neutral” rating on shares of nCino in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, nCino has an average rating of “Moderate Buy” and a consensus price target of $24.38.

nCino Price Performance

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 firm has a market capitalization of $2.18 billion, a P/E ratio of 68.80 and a beta of 0.81. The firm’s 50 day simple moving average is $20.56 and its two-hundred day simple moving average is $18.06.

Insider Activity

In other news, insider April Rieger sold 7,852 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $150,915.44. Following the completion of the sale, the insider owned 375,749 shares of the company’s stock, valued at approximately $7,221,895.78. The trade was a 2.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Pierre Naude sold 4,677 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $89,891.94. Following the sale, the director owned 1,116,707 shares of the company’s stock, valued at $21,463,108.54. This represents a 0.42% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 134,130 shares of company stock valued at $2,662,794. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC lifted its position in nCino by 9.1% in the first quarter. Janney Montgomery Scott LLC now owns 12,467 shares of the company’s stock valued at $187,000 after purchasing an additional 1,039 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in shares of nCino by 4.4% during the first quarter. Kornitzer Capital Management Inc. KS now owns 25,915 shares of the company’s stock valued at $388,000 after purchasing an additional 1,087 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of nCino by 8.5% during the first quarter. The Manufacturers Life Insurance Company now owns 23,973 shares of the company’s stock valued at $359,000 after purchasing an additional 1,870 shares during the period. IFP Advisors Inc grew its holdings in shares of nCino by 7,370.4% in the second quarter. IFP Advisors Inc now owns 2,017 shares of the company’s stock worth $33,000 after purchasing an additional 1,990 shares during the last quarter. Finally, Bleakley Financial Group LLC grew its holdings in shares of nCino by 7.2% in the first quarter. Bleakley Financial Group LLC now owns 30,525 shares of the company’s stock worth $457,000 after purchasing an additional 2,054 shares during the last quarter. 94.76% of the stock is 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.