UBS Group Initiates Coverage on nCino (NASDAQ:NCNO)

Equities researchers at UBS Group initiated coverage on shares of nCino (NASDAQ:NCNO - Get Free Report) in a research report issued on Monday, MarketBeat.com reports. The brokerage set a "buy" rating and a $44.00 price target on the stock. UBS Group's target price indicates a potential upside of 22.36% from the company's previous close.

A number of other analysts have also recently commented on NCNO. William Blair reissued an "outperform" rating on shares of nCino in a research note on Thursday, December 5th. Piper Sandler reiterated a "neutral" rating and issued a $38.00 price objective on shares of nCino in a report on Thursday, December 5th. Needham & Company LLC increased their target price on nCino from $40.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, December 5th. Macquarie raised their target price on nCino from $40.00 to $43.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Finally, Stephens boosted their price target on nCino from $35.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 5th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.50.

nCino Price Performance

Shares of NASDAQ:NCNO traded up $0.50 during midday trading on Monday, reaching $35.96. 1,188,544 shares of the company's stock traded hands, compared to its average volume of 1,102,089. The company has a fifty day simple moving average of $38.48 and a two-hundred day simple moving average of $33.91. nCino has a 1 year low of $28.09 and a 1 year high of $43.20. The company has a market cap of $4.16 billion, a P/E ratio of -211.53, a PEG ratio of 16.82 and a beta of 0.59. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

Insider Activity

In other nCino news, insider Sean Desmond sold 30,000 shares of the firm's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $34.77, for a total transaction of $1,043,100.00. Following the completion of the sale, the insider now owns 341,511 shares of the company's stock, valued at $11,874,337.47. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gregory Orenstein sold 3,885 shares of nCino stock in a transaction on Monday, October 14th. The shares were sold at an average price of $35.05, for a total value of $136,169.25. Following the completion of the sale, the chief financial officer now owns 276,892 shares in the company, valued at $9,705,064.60. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,852,703 shares of company stock valued at $177,212,673. 28.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On nCino

A number of institutional investors have recently made changes to their positions in the stock. Long Path Partners LP grew its stake in shares of nCino by 151.1% in the second quarter. Long Path Partners LP now owns 2,590,135 shares of the company's stock valued at $81,460,000 after buying an additional 1,558,529 shares in the last quarter. ShawSpring Partners LLC grew its position in nCino by 115.9% in the 3rd quarter. ShawSpring Partners LLC now owns 2,653,687 shares of the company's stock valued at $83,830,000 after acquiring an additional 1,424,349 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in nCino in the 2nd quarter valued at about $41,805,000. Senator Investment Group LP purchased a new stake in nCino during the second quarter worth about $40,885,000. Finally, Millennium Management LLC lifted its position in shares of nCino by 438.3% during the second quarter. Millennium Management LLC now owns 1,452,242 shares of the company's stock worth $45,673,000 after purchasing an additional 1,182,452 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.