nCino (NASDAQ:NCNO) Stock: Insider Sean Desmond Sells 29,247 Shares

nCino Inc. (NASDAQ:NCNO) CEO Sean Desmond sold 29,247 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $22.73, for a total transaction of $664,784.31. Following the sale, the chief executive officer owned 1,261,153 shares of the company’s stock, valued at approximately $28,666,007.69. This represents a 2.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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.

Sean Desmond also recently made the following trade(s):

• On Wednesday, November 4th, Sean Desmond sold 11,757 shares of nCino stock. The shares were sold at an average price of $22.81, for a total transaction of $268,177.17.
• On Friday, October 9th, Sean Desmond sold 43,992 shares of nCino stock. The shares were sold at an average price of $19.90, for a total transaction of $875,440.80.
• On Monday, October 5th, Sean Desmond sold 8,064 shares of nCino stock. The shares were sold at an average price of $18.69, for a total transaction of $150,716.16.
• On Thursday, September 3rd, Sean Desmond sold 8,064 shares of nCino stock. The shares were sold at an average price of $23.66, for a total transaction of $190,794.24.

nCino Stock Performance

NCNO stock traded down $0.22 during mid-day trading on Thursday, hitting $23.22. 1,548,348 shares of the company were exchanged, compared to its average volume of 2,755,685. The business has a 50 day simple moving average of $21.20 and a 200-day simple moving average of $18.32. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $2.46 billion, a PE ratio of 77.40 and a beta of 0.77. nCino Inc. has a 1-year low of $13.80 and a 1-year high of $27.50.

Wall Street Analyst Weigh In

NCNO has been the topic of a number of recent research reports. Truist Financial increased their target price on nCino from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Wednesday, August 26th. Citigroup restated a “market outperform” rating on shares of nCino in a research note on Wednesday, August 26th. KeyCorp restated a “sector weight” rating on shares of nCino in a research note on Monday, October 12th. Morgan Stanley upped their price objective on nCino from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, August 26th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of nCino in a research report on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, nCino has an average rating of “Moderate Buy” and an average price target of $23.42.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NCNO. BlackRock Inc. acquired a new stake in shares of nCino in the second quarter valued at approximately $147,492,000. Bank of America Corp DE bought a new stake in shares of nCino in the second quarter valued at approximately $84,319,000. American Capital Management Inc. bought a new stake in shares of nCino in the second quarter valued at approximately $83,508,000. HMI Capital Management L.P. acquired a new stake in nCino during the second quarter worth approximately $81,598,000. Finally, Hawk Ridge Capital Management LP grew its position in nCino by 625.4% during the first quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company’s stock worth $67,138,000 after buying an additional 3,864,010 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

About nCino

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 banking operations, improve customer experiences and manage lending and deposit-related processes through a centralized, cloud-based environment.

The company’s products support commercial, small-business and consumer lending; account opening and onboarding; deposit account management; loan origination and servicing; portfolio management; and related reporting and workflow automation.