Polar Asset Management Partners Inc. Has $19.60 Million Stake in nCino, Inc. (NASDAQ:NCNO)

Polar Asset Management Partners Inc. lifted its position in shares of nCino, Inc. (NASDAQ:NCNO) by 94.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 620,300 shares of the company’s stock after buying an additional 300,600 shares during the period. Polar Asset Management Partners Inc. owned about 0.54% of nCino worth $19,595,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Long Path Partners LP boosted its holdings in shares of nCino by 151.1% in the 2nd 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 during the last quarter. ShawSpring Partners LLC raised its stake 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 during the period. Brown Brothers Harriman & Co. acquired a new stake in nCino during the 2nd quarter valued at $41,805,000. Senator Investment Group LP acquired a new position in shares of nCino in the second quarter valued at $40,885,000. Finally, Millennium Management LLC increased its holdings in shares of nCino by 438.3% in the second quarter. Millennium Management LLC now owns 1,452,242 shares of the company’s stock valued at $45,673,000 after purchasing an additional 1,182,452 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NCNO. Keefe, Bruyette & Woods boosted their price objective on nCino from $41.00 to $49.00 and gave the stock an “outperform” rating in a report on Monday. Macquarie reaffirmed an “outperform” rating and set a $40.00 target price on shares of nCino in a report on Wednesday, October 23rd. William Blair reaffirmed an “outperform” rating on shares of nCino in a report on Wednesday, August 28th. Truist Financial reaffirmed a “buy” rating and set a $44.00 price target (up previously from $37.00) on shares of nCino in a report on Monday, October 21st. Finally, Raymond James upgraded nCino from a “market perform” rating to an “outperform” rating and set a $38.00 price target on the stock in a research note on Tuesday, September 3rd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.83.

Insider Activity

In related news, Director William J. Ruh sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $37.50, for a total transaction of $375,000.00. Following the transaction, the director now directly owns 226,201 shares of the company’s stock, valued at approximately $8,482,537.50. This represents a 4.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeff Horing sold 1,833,975 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $36.62, for a total value of $67,160,164.50. Following the transaction, the director now directly owns 12,513,467 shares in the company, valued at $458,243,161.54. The trade was a 12.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,235,029 shares of company stock valued at $117,599,204. 28.40% of the stock is currently owned by insiders.

nCino Price Performance

Shares of NCNO opened at $41.50 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08. nCino, Inc. has a 1 year low of $28.00 and a 1 year high of $43.20. The business has a 50-day moving average of $37.34 and a 200-day moving average of $33.51. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of -153.70, a price-to-earnings-growth ratio of 34.46 and a beta of 0.59.

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.