Jeff Horing, a director and significant shareholder of nCino, Inc. (NASDAQ:NCNO), has sold a substantial portion of his holdings in the company, divesting over $193 million worth of common stock. The transactions, which took place on July 11, 2024, were disclosed in a regulatory filing with the Securities and Exchange Commission.
The sales occurred in two separate transactions involving a total of 8,563,839 shares of nCino's common stock. In the first transaction, Horing sold 856,591 shares at an average price of $31.5041 per share. The second, larger transaction involved the sale of 5,363,248 shares at a price of $31.00 each. These sales were part of a series of transactions with prices ranging from $31.00 to $31.675 per share.
Following these sales, Horing still owns a significant number of nCino shares. The filing indicates that after the transactions, his indirect ownership, which includes shares held by various funds and entities associated with Insight Partners, stands at 19,516,357 shares.
The filing also notes that some of the shares are held by entities such as Insight Venture Partners IX, L.P., Insight SN Holdings, LLC, and other related funds and holdings, with Horing potentially having shared voting and dispositive power over these shares. Additionally, Horing controls JPH DE Trust Holdings LLC and JPH Private Investments LLC, which hold a smaller number of shares.
nCino, Inc., headquartered in Wilmington, North Carolina, specializes in cloud-based software for financial institutions. The company's stock is publicly traded on the NASDAQ under the ticker symbol NCNO.
Investors and market watchers often pay close attention to insider sales for hints about executives' confidence in their company's prospects. However, such transactions can be motivated by a variety of personal financial considerations and do not necessarily indicate a negative outlook.
The details of the transactions, including the price range and the number of shares sold at each price, are available upon request from the issuer or the SEC, as per the filing.
In other recent news, nCino Inc. reported robust financial outcomes for the first quarter of fiscal year 2025, setting a record with its gross sales and a 13% year-over-year increase in total revenues, which reached $128.1 million. Subscription revenues accounted for 86% of the total. The company is projecting a 50% increase in net sales for the fiscal year 2025. Analysts from Morgan Stanley (NYSE:MS) have upgraded nCino's stock to an "Equal-weight" rating. Piper Sandler maintained its Overweight rating on nCino, indicating a positive outlook for the company's growth. The firm's analysis suggests that nCino's offerings could see broader adoption in the banking industry, driven by the company's strategic initiatives and industry tailwinds. These are recent developments in the company's trajectory.
InvestingPro Insights
In light of the recent insider sales by Jeff Horing, a director of nCino, Inc. (NASDAQ:NCNO), investors may be seeking additional context to assess the company's financial health and future prospects. According to InvestingPro data, nCino currently has a market capitalization of approximately $3.61 billion and a revenue growth of 14.77% over the last twelve months as of Q1 2025. Despite the company not being profitable over the last twelve months, analysts predict that nCino will turn a profit this year.
InvestingPro Tips suggest that while nCino operates with a moderate level of debt, it is trading at high EBITDA and revenue valuation multiples. Additionally, the stock generally trades with low price volatility, which could be a sign of a stable investor base. It is worth noting that 10 analysts have revised their earnings estimates downwards for the upcoming period, which may need to be considered alongside the expectation of net income growth.
For investors looking for more in-depth analysis and additional InvestingPro Tips on nCino, there are currently 8 additional tips available. These can provide further insights into the company's performance and valuation. For those interested in a comprehensive investment analysis tool, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
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