nCino (NASDAQ:NCNO) Stock Price Up 5.6% – Here’s Why

Shares of nCino Inc. (NASDAQ:NCNO) were up 5.6% during mid-day trading on Thursday . The stock traded as high as $15.44 and last traded at $15.2850. Approximately 388,787 shares traded hands during trading, a decline of 82% from the average daily volume of 2,191,811 shares. The stock had previously closed at $14.48.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nCino in a research note on Thursday, January 22nd. UBS Group restated a “buy” rating and issued a $36.00 price objective on shares of nCino in a report on Tuesday, December 9th. Zacks Research cut shares of nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Barclays lowered their target price on shares of nCino from $34.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Piper Sandler dropped their price target on shares of nCino from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, nCino currently has an average rating of “Moderate Buy” and an average target price of $31.47.

nCino Stock Up 3.0%

The company has a market capitalization of $1.71 billion, a PE ratio of -82.77, a PEG ratio of 2.84 and a beta of 0.59. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average of $18.06 and a 200 day moving average of $23.30.

nCino announced that its board has initiated a share buyback program on Monday, December 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Gregory Orenstein sold 10,562 shares of nCino stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total value of $197,298.16. Following the completion of the transaction, the chief financial officer directly owned 451,184 shares in the company, valued at approximately $8,428,117.12. This trade represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jeanette Sellers sold 2,182 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $18.26, for a total value of $39,843.32. Following the transaction, the senior vice president directly owned 43,219 shares of the company’s stock, valued at $789,178.94. The trade was a 4.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 69,803 shares of company stock valued at $1,345,743. Corporate insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On nCino

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC grew its position in shares of nCino by 15.9% during the fourth quarter. FNY Investment Advisers LLC now owns 3,228 shares of the company’s stock worth $82,000 after buying an additional 444 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in nCino by 68.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,127 shares of the company’s stock worth $32,000 after acquiring an additional 458 shares in the last quarter. US Bancorp DE increased its position in shares of nCino by 1.6% in the 3rd quarter. US Bancorp DE now owns 32,042 shares of the company’s stock valued at $869,000 after purchasing an additional 501 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of nCino by 186.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 948 shares of the company’s stock valued at $26,000 after purchasing an additional 617 shares in the last quarter. Finally, Lecap Asset Management Ltd. raised its stake in nCino by 2.3% in the fourth quarter. Lecap Asset Management Ltd. now owns 31,163 shares of the company’s stock valued at $799,000 after buying an additional 691 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

nCino Company Profile

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.