Form 4: Insight Holdings Group Sells nCino Shares Under 10b5-1 Plan

Insight Holdings Group, along with affiliated entities, sold nCino shares on July 30 and 31, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Insight Holdings Group, LLC and related entities, including Insight SN Holdings, LLC, Insight Venture Partners, and others, filed a Form 4 detailing changes in beneficial ownership of nCino, Inc. stock.
• The transactions involved the sale of nCino common stock on July 30 and 31, 2024.
• The sales were executed under a Rule 10b5-1 plan adopted on April 10, 2024.
• The price per share ranged from $33.320 to $33.450 on July 30 and from $33.015 to $33.210 on July 31.
• The filing indicates that Jeffrey Horing, a member of Insight Holdings Group, LLC's board of managers, serves on nCino's Board of Directors, potentially leading to a 'director by deputization' status for the Reporting Persons.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports transactions under a pre-existing trading plan. There is no indication of positive or negative implications for the company's performance.

Industry Context

The filing reflects routine transactions by a major shareholder, Insight Holdings Group, and is a common practice for managing investment positions in portfolio companies. Rule 10b5-1 plans are frequently used by insiders to sell shares over time while avoiding accusations of trading on non-public information.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, as mandated by the SEC.
• The use of Rule 10b5-1 trading plans is a common strategy employed by insiders at companies like nCino and others, such as Salesforce and Veeva Systems, to diversify their holdings while adhering to regulatory requirements.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders due to the increased supply of shares in the market.
• The transactions are unlikely to significantly affect employees, customers, suppliers, or creditors.

Key Dates