SCHEDULE: HMI Capital Adjusts nCino Stake

HMI Capital Partners, L.P. and related entities have reported transactions in nCino, Inc. common stock, adjusting their beneficial ownership to 4.6%.

Summary

• HMI Capital Partners, L.P., along with HMI Capital Management, L.P., HMI Capital Fund GP, LLC, Members GP, LLC, and Marco W. Hellman, have filed an amendment to their Schedule 13D regarding their holdings in nCino, Inc. common stock.
• The filing details transactions in nCino, Inc. common stock over the past sixty days.
• As of May 22, 2026, there were 109,552,950 shares of nCino, Inc. common stock outstanding.
• The reporting persons collectively beneficially own 4,990,713 shares, representing 4.6% of the class of securities.
• Transactions include the sale of 100,000 shares on June 24, 2026, at a weighted average price of $14.75, and the sale of 785,000 shares on June 26, 2026, at a weighted average price of $15.44.
• A portion of the reported shares are held for the benefit of the Fund, including equity-based compensation granted to Mr. Nyweide for his board service, with potential for an additional 17,021 shares from unvested RSUs.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this filing as neutral to slightly negative due to the significant sale of shares, but it is primarily a disclosure of ownership adjustments rather than a fundamental company update.

Negatives

• The reporting persons have sold a significant number of shares in the past sixty days, including 100,000 shares on June 24, 2026, and 785,000 shares on June 26, 2026.

Future Outlook

The filing indicates that up to an additional 17,021 shares of Common Stock underlying restricted stock units that remain subject to vesting may be held for the benefit of the Fund upon vesting.

Management Comments

• Each of the Fund, HMI, Fund GP, Members GP, and Mr. Hellman expressly disclaim beneficial ownership over any of the securities reported in this Schedule 13D.
• The filing of this Schedule 13D shall not be construed as an admission that any of the Fund, HMI, Fund GP, Members GP, or Mr. Hellman are the beneficial owners of any of the securities reported herein.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant changes in beneficial ownership of public companies, often indicating shifts in investment strategy or potential activism. HMI Capital's transactions in nCino, Inc. provide insight into the trading activity of a significant institutional investor.

Related Party Transactions

• A portion of the shares of Common Stock reported herein represents equity-based compensation granted to Mr. Nyweide for his service on the Board, which is held for the benefit of the Fund pursuant to an arrangement with HMI.

Stakeholder Impact

• Shareholders may be impacted by the sale of a significant block of shares by HMI Capital, potentially affecting stock price and liquidity in the short term.

Next Steps

• The reporting persons will undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares of Common Stock purchased or sold at each separate price.

Key Dates

Recommendation

The filing primarily details changes in beneficial ownership and recent trading activity by HMI Capital. While the sale of shares is noted, it does not provide new fundamental information about nCino, Inc.'s business performance or future prospects that would warrant a strong buy or sell recommendation. A 'hold' is appropriate pending further fundamental analysis of the company.

Keywords

Schedule 13D, nCino, Inc., HMI Capital Partners, beneficial ownership, common stock, SEC filing, insider trading, equity compensation