nCino (NCNO US, -1, 16-July-24)

Jeff Horing (Director since 2015) continues to make large sales on behalf of Insight Partners. In June he sold $126 million worth of stock at an average price of $31.53, and in July he sold $198 million at $31.08, reducing his holdings to 19.8m shares (17% of the company). Horing/Insight Partners entered 2024 owning 39 million shares, 35% of the company. 

We ranked this stock -1 on April 5th based on sales from Spencer Lake (Director since 2017), Jeff Horing, and April Rieger (Chief Legal Officer and Company Secretary since 2022), all around $35 per share.

We are renewing our -1 rank (strongly negative) with the aggressive additional selling from Horing, at a lower price level.