This Investor Built a $34 Million Stake in nCino Despite Shares Sinking 50% in One Year

On February 17, 2026, Ophir Asset Management Pty Ltd disclosed a new position in nCino (NCNO +2.81%), acquiring 1,325,484 shares in a trade estimated at $33.99 million based on quarterly average pricing.

What happened

According to an SEC filing dated February 17, 2026, Ophir Asset Management reported a new stake in nCino. The fund acquired 1,325,484 shares during the quarter. The position’s quarter-end value was $33.99 million, reflecting the new position purchase.

What else to know

• This new position in nCino represents 3.81% of Ophir Asset Management’s reportable U.S. equity assets as of December 31, 2025.
• Top holdings after the filing:
  • NYSE:VVX: $49.76 million (5.6% of AUM)
  • NYSE:AIR: $45.49 million (5.1% of AUM)
  • NASDAQ:SIMO: $43.34 million (4.9% of AUM)
  • NASDAQ:HURN: $42.24 million (4.7% of AUM)
  • NASDAQ:MRX: $41.70 million (4.7% of AUM)
• As of February 17, 2026, nCino shares were priced at $16.18, down 50% over the past year and vastly underperforming the S&P 500’s roughly 16% gain in the same period.

Company overview

Company snapshot

• nCino offers cloud-based software solutions for financial institutions, including the nCino Bank Operating System and the SimpleNexus suite, focused on process automation, data analytics, and AI/ML-driven insights.
• The company generates revenue primarily through software-as-a-service (SaaS) subscriptions and related services that digitize banking workflows and compliance processes.
• It serves a diverse client base comprising global financial institutions, enterprise and regional banks, community banks, credit unions, and independent mortgage banks.

nCino, Inc. is a leading provider of cloud-based banking software, enabling financial institutions to streamline operations, enhance regulatory compliance, and accelerate digital transformation. The company leverages advanced analytics and machine learning to deliver operational efficiencies and actionable insights for its clients. With a strong focus on the financial services sector, nCino’s scalable SaaS platform positions it as a strategic technology partner to banks and credit unions seeking modernization and competitive differentiation.

What this transaction means for investors

Contrarian investing works best when the underlying business is still growing even as the market loses patience, and that appears to be the bet here.

The company’s latest results suggest the fundamentals remain intact. Quarterly revenue reached about $152 million, up 10% year over year, with subscription revenue climbing 11% to roughly $133 million. Profitability also improved meaningfully, with GAAP operating margin rising to 8% after a loss the year before and non-GAAP operating income jumping more than 40%.

Yet the stock has been cut roughly in half over the past year as investors cooled on fintech and software names tied to the banking industry. Nevertheless, nCino sits at the center of a long-term shift in banking. Financial institutions around the world are replacing legacy software with cloud-based systems that automate lending, compliance, and customer onboarding. Once embedded, these platforms tend to stick around for years, giving providers highly recurring subscription revenue. And that appeal might be why Ophir took note.