Value Fund Cuts nCino Stake After $152 Million Quarter: What Long-Term Investors Should Know

11 hours ago 3

Jonathan Ponciano, The Motley Fool

Sun, December 7, 2025 astatine 10:20 AM CST 5 min read

California-based Tensile Capital Management sold 449,165 shares of nCino successful the 3rd quarter, decreasing the presumption worth by $13.3 million.
At quarter-end, the steadfast reported holding 901,539 nCino shares valued astatine $24.4 million.
The presumption present accounts for 3.1% of money AUM, placing it extracurricular the fund's apical 5 holdings.
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California-based Tensile Capital Management reduced its involvement successful nCino (NASDAQ:NCNO) by 449,165 shares during the 3rd quarter, cutting $13.3 cardinal successful presumption value, according to a November 14 SEC filing.

Tensile Capital Management disclosed successful a filing with the Securities and Exchange Commission dated November 14 that it sold 449,165 shares of nCino during the 3rd quarter. The transaction reduced the fund’s presumption to 901,539 shares valued astatine $24.4 cardinal arsenic of September 30. The presumption was antecedently 4.6% of the fund's AUM arsenic of the anterior quarter.

After the sale, nCino represented astir 3.1% of Tensile Capital Management LP’s 13F reportable AUM.

Top holdings aft the filing:

NASDAQ: VERX: $94.3 cardinal (11.8% of AUM)
NYSE: DKS: $79.5 cardinal (9.9% of AUM)
NYSE: VVV: $74.7 cardinal (9.3% of AUM)
NYSE: LAD: $74.4 cardinal (9.3% of AUM)
NYSE: USFD: $58.5 cardinal (7.3% of AUM)

As of November 14, 2025, shares were priced astatine $23.39—having declined 37% successful the past twelvemonth and good underperforming the S&P 500, which is up 13% successful the aforesaid period.

Metric

Value

Market Capitalization	$2.7 billion
Revenue (TTM)	$586.5 million
Net Income (TTM)	($21.8 million)
Price (as of marketplace adjacent Friday)	$23.39

nCino offers cloud-based bundle solutions, including the nCino Bank Operating System and SimpleNexus, focused connected digitizing and automating banking operations for fiscal institutions.
The institution generates gross done a software-as-a-service (SaaS) exemplary by providing cloud-based bundle applications to fiscal institutions.
It serves a divers lawsuit basal comprising planetary and determination banks, recognition unions, owe banks, and different fiscal services organizations.

nCino, Inc. is simply a starring supplier of cloud-based banking bundle serving fiscal institutions worldwide. The institution leverages precocious analytics and artificial quality to streamline analyzable banking workflows and compliance processes. Its scalable SaaS level positions nCino arsenic a strategical exertion spouse for banks seeking integer translation and operational efficiency.

For semipermanent investors, this determination signals however funds are reassessing high-growth fintech names aft a twelvemonth marked by weakening stock show but strengthening fundamentals. nCino conscionable delivered 1 of its strongest operating quarters to date—expanding margins, accelerating subscription revenue, and advancing its AI roadmap—yet the banal is inactive down sharply implicit the past year. That disconnect creates a precise antithetic risk–reward illustration for holders, particularly funds trimming vulnerability alternatively than exiting entirely.

Tensile’s disclosed simplification comes arsenic nCino posted 10% gross maturation to $152.2 cardinal and an 11% summation successful subscription gross successful the latest quarter, alongside a plaything to $11.7 cardinal successful GAAP operating income, up from a nonaccomplishment past year. Meanwhile, non-GAAP operating income climbed 43% to $39.9 million, reflecting disciplined outgo absorption and improving portion economics. The institution besides repurchased 1.4 cardinal shares during the quarter—an antithetic amusement of assurance for a bundle steadfast navigating uneven macro demand.

The cardinal question is whether nCino’s accelerating profitability and deepening AI capabilities tin yet flooded near-term aggregate compression.