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 1,878,424 shares of nCino common stock over two days, with the transactions occurring on December 11 and 12. The shares were sold at an average price range between $36.6466 and $36.6868 per share, amounting to a total value of approximately $68.88 million. The cloud banking software provider, currently valued at $4.1 billion, has shown strong momentum with a 17% return over the past year, according to InvestingPro data.
Following these transactions, Horing retains ownership of 9,079,001 shares indirectly, as well as additional holdings through various entities. While the stock has recently experienced a pullback, InvestingPro analysis indicates the company maintains a healthy financial position with a current ratio of 1.95 and operates with moderate debt levels. The sales were executed as part of a planned series of transactions, with specific details regarding the number of shares sold at each price available upon request. For deeper insights into nCino's valuation and financial health metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, nCino Inc. has been the focus of several analyst firms following its third-quarter earnings report. Keefe, Bruyette & Woods maintained an outperform rating despite reducing the price target to $44 from $49. The firm noted nCino's earnings surpassed expectations, but the forecast for the fourth quarter fell short due to challenges within the U.S. mortgage sector. Despite these challenges, nCino reported strong bookings in the U.S., excluding the mortgage segment.
Similarly, Baird maintained a neutral stance on nCino, lowering its price target to $42 due to challenges in the mortgage sector and a subdued fourth-quarter recovery outlook. However, the firm acknowledged the company's recent 14% revenue increase and improved EBIT margins.
Stephens raised its price target from $35 to $38, recognizing nCino's strong performance outside of the mortgage sector and the company's successful expansion in international markets. Needham also remained positive, increasing its price target from $40 to $45 and maintaining a buy rating, attributing nCino's strong third-quarter performance to robust subscription revenue growth and effective cost management.
Despite Goldman Sachs lowering its price target for nCino due to slower core business growth and a reversal in mortgage rates, the firm remains optimistic about nCino's prospects for fiscal year 2026. Lastly, Piper Sandler downgraded nCino from Overweight to Neutral, citing increased customer turnover in nCino's mortgage segment. These are the recent developments for nCino.
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