HMI Capital Reduces Stake in nCino, Selling $13.6M in Shares
NCNO sits 18% above its 52-week low of $13.8.
Summary
Institutional investor HMI Capital sold $13.6 million in nCino shares, reducing its stake to 4.6% and below the Schedule 13D reporting threshold.
Key Events · Ownership and Investor Activity · NCNO
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Significant Share Sales
HMI Capital sold a total of 885,000 shares of nCino common stock across two transactions on June 24 and June 26, 2026.
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Total Value of Sales
The sales amounted to approximately $13.6 million, with shares sold at weighted average prices of $14.75 and $15.44.
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Ownership Below 5%
Following these transactions, HMI Capital's beneficial ownership decreased to 4.6% of nCino's outstanding common stock, down from a previous undisclosed stake (implied to be above 5% to trigger the 13D filing).
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Cessation of 13D Filings
With ownership falling below 5%, HMI Capital will no longer be required to file Schedule 13D amendments unless its stake increases above 5% again or it adopts an activist stance.
Analysis · NCNO · Technology
HMI Capital, an institutional investor, has significantly reduced its stake in nCino, Inc. by selling approximately $13.6 million worth of common stock. This reduction brings their ownership below the 5% threshold, meaning they are no longer required to file Schedule 13D unless their stake increases or they become activist. This could be interpreted as a loss of conviction or a portfolio rebalancing by a major investor.
At the time of this filing, NCNO was trading at $16.35 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $13.80 to $33.92. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.