The active buying by Tremblant (activist) and Citadel (quant) signals potential near-term catalyst expectations, but the 13F lag and significant trimming by T. Rowe Price and Silvercrest create uncertainty. Monitor upcoming earnings for revenue acceleration or margin improvements that could validate the buying thesis; the stock's poor historical response to prior filings suggests fading the cluster may be prudent.
Executive Summary
nCino (NCNO) saw a mixed institutional cluster in Q3 2024: 16 funds accumulated $109.8M net, led by activist Tremblant (new $11.6M position) and Citadel (doubled to $14.6M), while 8 sellers reduced holdings by $23M, including near-exits from T. Rowe Price and First Trust Advisors. The buying is concentrated in active asset managers and a quant fund, suggesting a shared positive thesis on the company's software platform, but the 45-day reporting lag and historical negative stock drift after prior reports on NCNO temper conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $86.8M
▲ Buyers (16)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Tremblant | NEW | +100% | $11.6M | $11.6M |
| Citadel | DOUBLED | +1303.2% | $14.6M | $13.6M |
| Fred Alger Management | ADD | +95% | $47.5M | $23.2M |
| Brown Brothers Harriman & | ADD | +55.4% | $65.3M | $23.5M |
| Clearbridge Investments | ADD | +39.2% | $56.1M | $16.0M |
▼ Sellers (8)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| T. Rowe Price | NEAR_EXIT | -95.6% | $60.0K | -$57.8K |
| First Trust Advisors | NEAR_EXIT | -94.8% | $11.1M | -$10.5M |
| Silvercrest Asset Management G | TRIM | -39.6% | $28.1M | -$11.1M |
| Russell Investments Group | NEAR_EXIT | -98.1% | $451.0K | -$442.5K |
| Gotham Asset Management | TRIM | -32.7% | $1.2M | -$376.2K |
Key Facts
- 16 institutional buyers added $109.8M net in Q3 2024, bringing total buyer holdings to $253.8M.
- 8 sellers reduced holdings by $22.98M net, with T. Rowe Price and First Trust Advisors nearly exiting their positions.
- Activist fund Tremblant opened a new $11.6M position; Citadel doubled its stake to $14.6M.
- Top buyers by dollar addition: Brown Brothers Harriman (+$23.5M), Fred Alger Management (+$23.2M), Clearbridge Investments (+$16.0M).
- Top sellers by dollar reduction: Silvercrest Asset Management (-$11.1M) and First Trust Advisors (-$10.5M).
- Analyst consensus is 73% bullish (6 Strong Buy, 10 Buy, 6 Hold).
- Recent insider activity: 1 sell totaling $131K in the past 30 days.
Financial Impact
Institutions added $109.8M in new holdings while sellers reduced $23M, net inflow of approximately $86.8M.
Risk Factors
- 13F data is 45 days stale; the cluster may have already been unwound.
- Mixed institutional signals with large sellers could reflect diverging views on valuation or competitive pressures.
- Insider selling in the past month may indicate management caution.
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-2024-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 6w ago | Insider Cluster | $21.73 | awaiting T+60 | — | — |
Sep 3, 2026 7w ago | 144 | $23.63 | awaiting T+60 | — | — |
Aug 25, 2026 8w 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 11w ago | 144 | $19.23 | awaiting T+60 | — | — |
US Market Status
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