Jeff Horing, a director at nCino, Inc. (NASDAQ:NCNO), a cloud banking software provider with a market capitalization of $4.1 billion, recently sold a significant portion of the company's stock. According to a recent SEC filing, Horing disposed of 4,474,158 shares of nCino common stock on December 18, 2024. The shares were sold at a weighted average price of approximately $35.751, with the sale totaling $159.96 million. InvestingPro data shows the stock has struggled recently, with a -2.6% return over the past week.
Following this transaction, Horing retains ownership of 4,513,467 shares through various entities associated with Insight Partners. This sale reflects a substantial reduction in Horing's holdings in the cloud banking software provider, although he maintains a significant stake. According to InvestingPro, nCino maintains good financial health with a current ratio of 1.95, indicating strong liquidity. Subscribers can access 8 additional ProTips and comprehensive insider trading analysis in the Pro Research Report.
In other recent news, nCino, a leader in cloud banking and digital transformation solutions, has updated its executive compensation agreements, aligning with market practices. These amendments come amidst the company's strong revenue growth of approximately 13% year-over-year. UBS and Needham have initiated coverage on nCino with a Buy rating, while Keefe, Bruyette & Woods and Baird maintained their respective Outperform and Neutral ratings. These ratings were influenced by nCino's recent financial performance, which included a revenue increase of 14% and improved EBIT margins.
The company also experienced a series of adjustments in its stock price targets due to changes in the mortgage sector. Despite these adjustments, all analyst firms emphasized nCino's potential for long-term growth. These are among the recent developments shaping the financial landscape for nCino.
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