Traders Buy Large Volume of Call Options on nCino (NASDAQ:NCNO)

nCino, Inc. (NASDAQ:NCNO) saw some unusual options trading activity on Friday. Investors purchased 5,251 call options on the stock. This represents an increase of approximately 588% compared to the typical daily volume of 763 call options.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Truist Financial restated a “buy” rating and set a $44.00 target price (up previously from $37.00) on shares of nCino in a report on Monday, October 21st. William Blair reissued an “outperform” rating on shares of nCino in a research note on Wednesday, August 28th. Barclays raised their target price on shares of nCino from $34.00 to $44.00 and gave the company an “equal weight” rating in a research note on Monday, November 25th. The Goldman Sachs Group raised nCino from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $42.00 in a research report on Wednesday, August 14th. Finally, Macquarie reaffirmed an “outperform” rating and set a $40.00 price objective on shares of nCino in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, nCino currently has an average rating of “Moderate Buy” and an average target price of $39.25.

nCino Stock Performance

Shares of NCNO opened at $41.99 on Friday. The company has a market cap of $4.85 billion, a price-to-earnings ratio of -155.51, a P/E/G ratio of 34.73 and a beta of 0.55. The business’s fifty day simple moving average is $36.90 and its two-hundred day simple moving average is $33.35. nCino has a 12 month low of $27.47 and a 12 month high of $43.20. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09.

Insider Activity at nCino

In other nCino news, CFO Gregory Orenstein sold 3,885 shares of nCino stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $35.05, for a total transaction of $136,169.25. Following the sale, the chief financial officer now directly owns 276,892 shares of the company’s stock, valued at approximately $9,705,064.60. The trade was a 1.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeff Horing sold 1,356,721 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $36.02, for a total value of $48,869,090.42. Following the transaction, the director now owns 14,656,746 shares in the company, valued at $527,935,990.92. This trade represents a 8.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,235,029 shares of company stock worth $117,599,204 over the last 90 days. 28.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Crewe Advisors LLC purchased a new position in nCino in the 2nd quarter worth about $26,000. Asset Management One Co. Ltd. grew its stake in shares of nCino by 21.1% in the third quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock worth $62,000 after acquiring an additional 341 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in shares of nCino by 97.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock valued at $87,000 after purchasing an additional 1,358 shares during the last quarter. West Tower Group LLC bought a new position in nCino during the third quarter valued at approximately $126,000. Finally, Lazard Asset Management LLC boosted its holdings in nCino by 145.6% in the first quarter. Lazard Asset Management LLC now owns 4,516 shares of the company’s stock worth $168,000 after purchasing an additional 2,677 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

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.