Form 4: Insight Partners' Jeffrey Horing Reports Sale of nCino Shares

Jeffrey Horing, a director and 10% owner of nCino, Inc., reported the sale of nCino shares totaling 678,054 shares across two days, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Jeffrey Horing, affiliated with Insight Partners and a director and 10% owner of nCino, Inc., filed a Form 4 detailing changes in beneficial ownership.
• On July 22, 2024, 365,764 shares of nCino common stock were sold at a weighted average price of $33.1617 per share.
• On July 23, 2024, 312,290 shares of nCino common stock were sold at a weighted average price of $33.531 per share.
• These transactions were executed under a Rule 10b5-1 plan adopted on April 10, 2024.
• Following these transactions, Horing directly owns 117,603 shares and indirectly owns 18,474,188 shares through various Insight Partners entities and other investment vehicles.
• Horing also indirectly owns 137,527 shares through JPH DE Trust Holdings LLC and JPH Private Investments LLC.
• The reported holdings include 5,874 restricted stock units (RSUs) that vest in full on the earlier of June 20, 2025 and the date of the next annual meeting of the issuers stockholders, subject to the reporting person's continued service through the applicable vesting date.

Sentiment

Score: 5

Explanation: The document itself is neutral, simply reporting transactions. The impact on sentiment depends on market perception of the reasons behind the sale.

Risks

• The sale of a significant number of shares by a major shareholder like Jeffrey Horing/Insight Partners could potentially exert downward pressure on the stock price in the short term.

Industry Context

Form 4 filings are a routine part of the regulatory landscape for publicly traded companies, providing transparency into the trading activities of insiders and major shareholders. The sale by a 10% owner is a notable event that investors often monitor closely.

Comparison to Industry Standards

• It is common for major shareholders, especially those affiliated with investment firms like Insight Partners, to periodically adjust their holdings in portfolio companies.
• The use of a Rule 10b5-1 plan is a standard practice to allow insiders to sell shares without being accused of trading on non-public information.
• Comparable transactions would include similar Form 4 filings by major shareholders or directors of other publicly traded SaaS companies.

Stakeholder Impact

• Shareholders may react to the news of the sale, potentially impacting the stock price.
• The company itself may be interested in the reasons behind the sale, although it is a routine transaction under a 10b5-1 plan.

Key Dates