California-based Tensile Capital Management decreased its nCino position by 449,165 shares in Q3, lowering the value by $13.3 million. The firm now holds 901,539 shares worth $24.4 million, representing 3.1% of its AUM. This move follows the fund’s decision to trim its exposure to nCino, a cloud-based banking software provider. Despite nCino’s strong recent operating performance, including revenue and subscription growth, the stock has underperformed. nCino’s stock price sits at $23.39, down 37% in the last year. The company’s market cap is $2.7 billion, with revenue of $586.5 million and a net loss of $21.8 million.

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