Form 4: Insight Partners' Jeffrey Horing Sells nCino Shares Under 10b5-1 Plan

Jeffrey Horing, a director and 10% owner of nCino, Inc., executed sales of common stock on October 16 and 17, 2024, 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., reported the sale of nCino common stock.
• On October 16, 2024, 1,356,721 shares were sold at a weighted average price of $36.0204.
• On October 17, 2024, an additional 309,304 shares were sold at a weighted average price of $36.1597.
• The sales were executed under a Rule 10b5-1 trading plan adopted on April 10, 2024.
• Following these transactions, Horing directly owns 117,603 shares and indirectly owns 14,347,442 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.

Sentiment

Score: 5

Explanation: The sentiment is neutral. The filing simply reports stock sales under a pre-arranged plan, which doesn't inherently indicate positive or negative sentiment about the company's future.

Industry Context

Sales by significant shareholders are common and often pre-planned using Rule 10b5-1 plans to avoid insider trading concerns. The impact on the stock price depends on the size of the sale relative to the trading volume and investor sentiment.

Comparison to Industry Standards

• Rule 10b5-1 plans are a standard practice among corporate insiders to diversify their holdings and manage personal finances without raising concerns about trading on non-public information.
• The reported sales are similar to those of other directors and major shareholders in publicly traded companies, where pre-planned sales are disclosed via Form 4 filings.
• Comparable companies in the software sector often see similar insider transactions, with the scale of the transaction varying based on the individual's holdings and the company's market capitalization.

Stakeholder Impact

• The stock sales by a major shareholder could potentially create short-term selling pressure on nCino's stock.
• However, the existence of a Rule 10b5-1 plan suggests the sales were pre-planned and may not reflect a change in the shareholder's long-term view of the company.

Key Dates