Exploring nCino, Inc. (NCNO) Investor Profile: Who’s Buying and Why?

You're looking at nCino, Inc. (NCNO) and wondering who exactly is driving the bus on the ownership side, and honestly, that's the right question to ask before making a move. As of the latest filings, institutional investors-the big money like Vanguard Group Inc. and BlackRock, Inc.-collectively own a staggering 83.95% of the company, which tells you this is a stock primarily driven by professional money managers, not retail investors. For example, Vanguard Group Inc. alone held over 11,924,703 shares as of September 30, 2025, a defintely significant position that signals a long-term conviction in the company's cloud-based Bank Operating System. This institutional confidence is grounded in the company's continued financial performance; nCino reported total revenues of $138.8 million for the third quarter of fiscal year 2025, alongside a non-GAAP net income of $24.4 million, and their Remaining Performance Obligation (RPO)-the backlog of contracted, future revenue-hit $1.095 billion. So, are these funds buying for growth, value, or a strategic play on the digitization of the financial services industry? That's what we need to unpack.

Who Invests in nCino, Inc. (NCNO) and Why?

If you're looking at nCino, Inc. (NCNO), you're looking at a stock overwhelmingly dominated by institutional money. This isn't a retail-driven meme stock; it's a high-conviction play for professional money managers who see a long-term winner in the financial technology (FinTech) space. The investment thesis is simple: nCino is digitizing an industry that is defintely behind the curve.

As of late 2025, the lion's share of nCino, Inc.'s stock is held by institutional investors-think mutual funds, pension funds, and asset managers-who collectively own a substantial majority of the outstanding shares. For example, major players like Vanguard Group Inc. and BlackRock, Inc. are among the largest shareholders, with Vanguard Group Inc. holding over 11.9 million shares as of a recent filing. This high institutional ownership, which includes over 622 institutional owners, signals that the company is a core holding for many large, diversified portfolios. Hedge funds are also in the mix, with firms like HMI Capital Management, L.P. holding significant positions, often signaling a more concentrated, high-growth focus.

Investment Motivations: The Growth Story is King

The primary attraction for these sophisticated investors is nCino, Inc.'s massive runway for growth, not dividends-the company does not pay one, as is typical for a growth-focused software firm. They are buying a software-as-a-service (SaaS) company with a huge, under-penetrated market. Here's the quick math: nCino, Inc. estimates its total serviceable addressable market (SAM) globally to be around $19.5 billion. With the company's current revenue run rate only penetrating about 3% of that market, the potential for expansion is enormous, especially as they push deeper into Europe.

The near-term performance in the 2025 fiscal year has also validated the investment. For the full fiscal year 2025, nCino, Inc. guided for total revenues between $539 million and $541 million, with subscription revenues expected to be between $467 million and $469 million. More importantly, the company is showing clear operating leverage (improving efficiency), with Non-GAAP operating income for FY25 guided to a range of $95 million to $96 million.

• Market Position: The platform is a vertical software leader for banks.
• Efficiency Gains: Clients have seen new customer onboarding time drop by 74%.
• AI Catalyst: Adoption of the new AI-powered Banking Advisor is accelerating the shift to a higher-margin platform pricing model.

If you want to dig deeper into the company's financial stability, you should check out Breaking Down nCino, Inc. (NCNO) Financial Health: Key Insights for Investors.

Investment Strategies: Long-Term Growth and Platform Pricing

The strategies employed by nCino, Inc.'s investor base are heavily skewed toward long-term growth, though hedge funds introduce some shorter-term trading dynamics. The overall thesis is that the company is a 'platform play,' meaning its value will compound as more financial institutions adopt its full suite of cloud-based solutions, replacing older, siloed legacy systems (technical debt).

Many institutional investors are employing a Growth-at-a-Reasonable-Price (GARP) strategy, looking past the current valuation multiples-which are high, but typical for a high-growth software stock-to the future earnings potential. They are betting on the company's ability to execute on its new platform pricing model, which is being pulled forward by the traction of the AI-driven tools.

Here is a snapshot of the largest institutional holders, which shows the long-term, passive nature of the core ownership:

The accumulation of shares by these long-only asset managers, like Vanguard Group Inc., suggests a buy-and-hold strategy, anchoring the stock and providing a degree of stability. You see them adding to their positions even as the stock has experienced volatility, which is a classic sign of conviction in the multi-year growth narrative.

Institutional Ownership and Major Shareholders of nCino, Inc. (NCNO)

If you're looking at nCino, Inc. (NCNO), the first thing to understand is that it is defintely an institutionally-driven stock. A staggering 94.76% of the company's stock is held by institutional investors, meaning a small number of large funds-not retail investors-control the company's trajectory and liquidity. That's a huge concentration of capital, and it means their buying and selling dictates the stock price day-to-day.

This high ownership percentage, with 340 total institutional holders, means you need to track the movements of the biggest players. Their confidence in the cloud-based banking platform's long-term growth story is the backbone of the company's valuation, which as of November 2025, has a total value of institutional holdings at approximately $3.513 billion.

Top Institutional Investors: Who's Buying In

The largest shareholders in nCino are the usual suspects-the big asset managers and a few specialized growth funds. They aren't just passive holders; these firms often engage with management on strategy, capital allocation, and governance. Here's a look at the top three institutional holders as of the most recent 13F filings in 2025, showing their massive commitment:

You can see the scale here: Vanguard and BlackRock alone hold millions of shares, which is typical for index fund managers. But the presence of active managers like Kayne Anderson Rudnick and T. Rowe Price Investment Management, Inc. (with 5,559,197 shares) suggests conviction in nCino's specific growth potential beyond just market indexing.

Recent Shifts: Are Institutions Accumulating or Selling?

The near-term trend in institutional ownership is mixed, but overall, it shows a slight accumulation. In the most recent reporting period, 166 institutions increased their positions in nCino, while 143 decreased them. This tells me the smart money is divided, but the net flow is positive.

The most telling moves come from the active funds. Long Path Partners Lp, for example, dramatically increased its stake by 61.099% as of June 30, 2025, a strong vote of confidence. Similarly, T. Rowe Price Investment Management, Inc. boosted its holdings by 14.211% in the same period. On the flip side, some hedge funds like Sachem Head Capital Management Lp pulled back, decreasing their position by -8.872%. You've got to watch these large percentage changes; they signal a major change in a fund's investment thesis.

• Long Path Partners Lp: Increased shares by 61.099%.
• T. Rowe Price Investment Management, Inc.: Added 14.211% more shares.
• UBS Group: Reported a massive 218% increase in shares.
• Sachem Head Capital Management Lp: Reduced its stake by -8.872%.

The Impact of Institutional Investors on Strategy and Stock Price

These large investors are more than just shareholders; they are a critical check on management and a major influence on the stock's volatility. Their collective buying power is what drove the stock's rebound following its strong Q1 2025 earnings report, which exceeded revenue and non-GAAP operating income expectations. When institutional investors are buying, it often balances out other negative signals, like the insider selling seen in Q2 2025.

Strategically, their influence is felt in corporate governance. For instance, at the Annual Meeting of Stockholders in June 2025, their votes were crucial in approving key proposals, including the ratification of Ernst & Young LLP as the independent auditor for the fiscal year ending January 31, 2026, and amendments for board declassification. Their support for strategic initiatives, such as the company's workforce reduction to provide investment flexibility, is a clear signal that they back management's path to profitability and margin expansion. If you want to understand the company's financial health in more detail, you should read Breaking Down nCino, Inc. (NCNO) Financial Health: Key Insights for Investors.

Actionable Insight: Track the 13F filings of Vanguard and Kayne Anderson Rudnick. If they start selling in earnest, it's a major red flag for the stock's valuation. Their continued accumulation, however, suggests they believe the company's narrative fair value of $35.54 is achievable, well above the recent trading price.

Key Investors and Their Impact on nCino, Inc. (NCNO)

You want to know who is really calling the shots at nCino, Inc. (NCNO) and why they are buying or selling. The short answer is that institutional money, particularly large growth and index funds, dominates the shareholder base, holding nearly all the cards. As of late 2025, institutional investors own a staggering 94.76% of the company's stock, making their collective moves the primary driver of volatility and valuation.

This high ownership percentage means you must track their sentiment, because when they move, the stock moves. For a growth-oriented software-as-a-service (SaaS) company like nCino, Inc. (NCNO)-which is projecting full fiscal year 2025 revenue between $538.5 million and $544.5 million-these major players are betting on long-term platform adoption in the financial services sector.

The Big Three: Index Funds and Passive Influence

The largest shareholders are the behemoths of passive investing and diversified growth funds. They aren't looking for a quick flip; they are long-term structural holders. Their influence is usually passive-they mostly vote with management-but their sheer size gives them immense power on proxy matters.

• Vanguard Group Inc: The largest holder, with 11,924,703 shares as of September 30, 2025, valued at over $323.2 million. Their position is fundamentally a bet on the entire cloud-banking sector.
• BlackRock, Inc.: Another index giant, holding 5,283,805 shares as of September 30, 2025. Their stake is a core component of their tech and growth-focused exchange-traded funds (ETFs) and mutual funds.
• T. Rowe Price Investment Management, Inc.: A key active growth manager, holding 5,559,197 shares as of June 30, 2025. Their conviction signals a belief in nCino, Inc. (NCNO)'s ability to execute its growth strategy.

What this means is that a significant portion of nCino, Inc. (NCNO)'s float is locked up, which can sometimes amplify price movements when active managers decide to trade. Passive money is defintely sticky money.

Activist Engagement: The HMI Capital Case Study

The most concrete example of direct investor influence in 2025 came from HMI Capital Management, L.P., a major shareholder that operates with an activist mindset, even if they aren't always hostile. They held 6.78 million shares as of mid-2025, representing a 5.84% stake.

In a clear move to gain oversight and push for operational efficiency, nCino, Inc. (NCNO) announced a Cooperation Agreement with HMI Capital Management, L.P. on February 10, 2025. This is a textbook example of a large shareholder demanding a seat at the table to influence strategy.

• The Action: HMI's Founding Partner and Chief Investment Officer, Justin Nyweide, was appointed to the nCino, Inc. (NCNO) Board of Directors and the Audit Committee.
• The Impact: This appointment suggests a focus on capital allocation and profitability, especially as the company forecasts non-GAAP net income per share for FY2025 to be between $0.66 and $0.69.

To be fair, HMI Capital Management, L.P. also reduced its stake by 1,091,640 shares just before the agreement, selling at $32.44 per share, a move that could signal a rebalancing or a strategic sale ahead of their new board role. This is the kind of mixed signal that keeps analysts busy.

Recent Capital Moves and Investor Sentiment

Recent trading activity shows a mixed picture, reflecting the broader market's cautious approach to high-growth tech. While some funds are increasing their positions, others are trimming or exiting entirely, often to reallocate capital to other opportunities or simply take profits.

The total volume of shares sold by institutional investors over the last two years reached over 39.9 million shares, demonstrating significant portfolio churn. However, nCino, Inc. (NCNO) itself has been active in managing its share count, repurchasing 1.8 million shares for $40.6 million in the first quarter of fiscal year 2026 (which ended April 30, 2025). This buyback is a strong signal from management that they believe the stock is undervalued, especially with an 8% increase in Annual Contract Value (ACV) for fiscal 2025.

Here's a quick snapshot of notable institutional selling in mid-2025:

What this estimate hides is the context: SOMA EQUITY PARTNERS LP and INVESCO LTD. made massive cuts, essentially exiting or significantly reducing their positions, while Bank of New York Mellon Corp made a smaller, but still notable, percentage cut to its holdings. This divergence shows that not all smart money agrees on the near-term trajectory, creating a clear opportunity for investors who believe in the company's Mission Statement, Vision, & Core Values of nCino, Inc. (NCNO).

Your action: Monitor the next round of 13F filings (due in Q4 2025) for any new activist stakes or significant accumulation by the major funds, as that will be the clearest near-term indicator of professional sentiment.

Market Impact and Investor Sentiment

You're looking at nCino, Inc. (NCNO) because the narrative has shifted, and honestly, the smart money is moving. The current investor sentiment is firmly a Moderate Buy, reflecting a strong belief that the banking software provider is undervalued based on its fiscal year 2025 performance and future growth trajectory. This isn't just a hunch; it's grounded in the consensus of 22 Wall Street analysts who see a significant upside.

The average price target among analysts sits at approximately $33.94, which forecasts a potential upside of around 37.40% from the stock's recent trading price of about $24.70. To be fair, a few analysts have a high target of $43.00, while the lowest is $24.00. This optimism stems from nCino, Inc.'s ability to grow its subscription-based platform and expand its total addressable market (TAM), especially internationally.

Who's Buying: The Institutional Footprint

Institutional investors-the big players like pension funds and asset managers-are the backbone of nCino, Inc.'s ownership structure. As of November 2025, the total value of institutional holdings is a massive $3,513 million, representing a substantial portion of the company's 116 million total shares outstanding. Firms like BlackRock, Inc. are among the major institutions holding a significant stake, signaling confidence in the long-term value proposition.

While institutional money has been net buying, not all moves are uniform. For instance, Cramer Rosenthal Mcglynn LLC recently increased their shares by 19.8%, but Bank of New York Mellon Corp cut its holdings by 25.1% in the second quarter. This is normal portfolio rebalancing; still, the overall institutional buying volume over the last two years represents roughly $1.62 billion in transactions, a clear sign of conviction.

• Total Institutional Holdings Value: $3,513 million.
• Total Shares Outstanding: 116 million.
• Recent Institutional Buying: Over 51.89 million shares bought in the last 24 months.

Recent Market Reactions to Ownership Shifts

The stock market has responded quickly and positively to analyst-driven confidence, which often precedes and follows major institutional moves. In October 2025, nCino, Inc.'s stock price saw a clear upward bump following two key analyst upgrades. The share price rose 3.8% on October 27, 2025, after Stephens upgraded the stock to 'Overweight' from 'Equal Weight.' Just a week earlier, the stock gained 4.9% when Raymond James upgraded their rating to 'Strong Buy' from 'Outperform,' maintaining a $36 price target. That's a defintely strong signal that the market values these endorsements.

One notable insider move was the sale of 4,353 shares by CFO Gregory Orenstein in early November 2025 for a total value of $112,350.93. This was a small, routine transaction (a 0.93% decrease in his direct ownership), but it's important to track insider sales, even minor ones, to gauge sentiment at the executive level.

Analyst Perspectives: Why the Optimism is Justified

The core of the analyst bullishness is the company's solid execution on its fiscal year 2025 (FY25) targets and the clear path to margin expansion. For FY25, nCino, Inc. reported total revenues of $540.7 million, a 13% year-over-year increase, with subscription revenues climbing 15% to $469.2 million. The real win was the non-GAAP operating income, which surged 56% to $96.2 million. That's a huge jump.

Analysts are focused on several catalysts for the near term, including international expansion into markets like Spain and the rollout of new AI-driven solutions for mortgage and loan origination, which you can read more about in the Mission Statement, Vision, & Core Values of nCino, Inc. (NCNO). The next fiscal year, FY2026, guidance projects total revenues between $578.5 million and $582.5 million, continuing the growth story.

Here's the quick math on the FY25 financial results that are driving the positive sentiment:

What this estimate hides is the ongoing high investment required for AI and product integration, which creates margin pressure. Still, the market is betting that the long-term revenue diversification and global growth will offset these costs, validating the current $35.54 fair value estimate. Your next step should be to look closely at the upcoming Q3 2026 earnings report for confirmation on the subscription revenue acceleration.