Jeff Horing, a director at nCino, Inc. (NASDAQ:NCNO), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Horing sold a total of 91,376 shares of common stock over two transactions on December 13 and December 16. The company, currently valued at $4.1 billion, has shown strong momentum with a ~13% return over the past six months according to InvestingPro data. The shares were sold at prices ranging from $36.107 to $36.6312, amounting to a total transaction value of approximately $3.31 million.
Following these transactions, Horing holds 8,987,625 shares indirectly through various entities associated with Insight Partners, as detailed in the filing's footnotes. Additionally, he has direct ownership of 117,603 shares, which includes 5,874 restricted stock units set to vest by June 20, 2025, or upon the next annual meeting of nCino's stockholders.
In other recent news, nCino Inc. has been the subject of several analysts' reports. UBS initiated coverage on nCino, giving the company a Buy rating with a price target of $44.00, citing the company's strong growth prospects in the banking IT solutions market. UBS also noted nCino's attractive financial profile with highly recurring subscription revenue and potential for margin expansion.
Keefe, Bruyette & Woods, while reducing the price target to $44.00 from $49.00, maintained its Outperform rating on nCino's stock, following the company's third-quarter earnings that surpassed expectations. The firm revised its revenue growth forecasts for fiscal years 2026 and 2027, but anticipates a modest increase in earnings per share and operating income estimates.
Baird lowered its price target for nCino to $42, maintaining a Neutral stance. The adjustment followed nCino's recent financial performance, which showed a revenue increase of 14% and improved EBIT margins. The firm noted challenges in the mortgage sector and a subdued recovery outlook for the fourth quarter.
Stephens raised its price target for nCino from $35 to $38, acknowledging the company's strong performance in areas other than the mortgage sector. The firm maintained its long-term positive outlook despite current uncertainties. Lastly, Needham increased its price target for nCino from $40 to $45 and maintained a Buy rating, attributing the company's strong third-quarter fiscal year 2025 performance to robust subscription revenue growth and effective cost management. These are recent developments in the company's financial landscape.
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