The complete exit by activist Sachem Head ($125.7M) is the most concerning signal — it suggests the catalyst thesis that drove their position has either played out or failed. Combined with trims from Morgan Stanley, UBS, and Citadel, the institutional tone is decisively bearish. Monitor for further selling pressure and any 13D filings from remaining activists. The passive buying from T. Rowe and BofA is likely index-rebalancing noise and does not offset the active selling.
Executive Summary
A mixed institutional cluster in nCino (NCNO) for Q3 2025 shows three buyers accumulating $86.1M (net +$60.7M) against five sellers reducing by $218.5M. The selling is dominated by a full exit from activist Sachem Head ($125.7M) and significant trims from Morgan Stanley and UBS, while buying is concentrated in mega-passive funds T. Rowe Price and BofA making large percentage increases from tiny bases. The net directional signal is bearish given the magnitude of seller exits and the passive nature of the buyers.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$132.4M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| T. Rowe Price | DOUBLED | +1341.7% | $44.0K | $41.0K |
| Tremblant | ADD | +40.3% | $17.9M | $4.7M |
| BofA | DOUBLED | +475.1% | $68.1M | $55.9M |
▼ Sellers (5)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -46.8% | $61.2M | -$29.7M |
| Citadel | TRIM | -40.5% | $13.9M | -$5.9M |
| Norges Bank | EXIT | -100% | $26.2M | -$26.2M |
| UBS | TRIM | -48.9% | $61.6M | -$31.1M |
| Sachem Head | EXIT | -100% | $125.7M | -$125.7M |
Key Facts
- 3 institutional buyers added $60.7M in new holdings, totaling $86.1M
- 5 institutional sellers reduced holdings by $218.5M in aggregate
- Sachem Head (activist) fully exited a $125.7M position — the largest single move
- Norges Bank (sovereign) fully exited a $26.2M position
- Morgan Stanley trimmed 46.8% ($29.7M), UBS trimmed 48.9% ($31.1M), Citadel trimmed 40.5% ($5.9M)
- T. Rowe Price and BofA both more than quadrupled their positions but from very small bases ($3K and $12.2K respectively)
- Tremblant (activist) added 40.3% ($4.7M) — the only active manager buyer of scale
Financial Impact
Net institutional selling of approximately $157.8M ($60.7M bought vs $218.5M sold) in Q3 2025, representing a significant portion of the $1.7B market cap
Risk Factors
- Sachem Head's full exit may signal loss of confidence in near-term catalysts or valuation
- Continued institutional distribution could pressure the stock further given the $1.7B market cap
- 13F data is 45+ days stale — actual current positioning may be even more bearish
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-NCNO-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 144 | $19.73 | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | 144 | $19.28 | awaiting T+60 | — | — |
Sep 8, 2026 7w ago | Insider Cluster | $21.73 | awaiting T+60 | — | — |
Sep 3, 2026 7w ago | 144 | $23.63 | awaiting T+60 | — | — |
Aug 25, 2026 9w ago | Press Release | $21.51 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | Insider Cluster | $19.17 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | Insider Cluster | $19.17 | awaiting T+60 | — | — |
Aug 5, 2026 11w ago | 144 | $19.23 | awaiting T+60 | — | — |
Aug 5, 2026 11w ago | 144 | $19.23 | awaiting T+60 | — | — |
Aug 4, 2026 12w ago | 144 | $19.23 | awaiting T+60 | — | — |
US Market Status
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