Is nCino (NCNO) Well-Positioned in the Market?

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Growth Index in the third quarter with particular weakness in several healthcare holdings. The strategy generated gains across three of the nine sectors in which it was invested during the quarter, on an absolute basis. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Growth Strategy highlighted stocks like NCino, Inc. (NASDAQ:NCNO) in the third quarter 2023 investor letter. Headquartered in Wilmington, North Carolina, NCino, Inc. (NASDAQ:NCNO) is a software-as-a-service company. On October 5, 2023, NCino, Inc. (NASDAQ:NCNO) stock closed at $29.84 per share. One-month return of NCino, Inc. (NASDAQ:NCNO) was -6.38%, and its shares lost 12.66% of their value over the last 52 weeks. NCino, Inc. (NASDAQ:NCNO) has a market capitalization of $3.377 billion.

ClearBridge Small Cap Growth Strategy made the following comment about NCino, Inc. (NASDAQ:NCNO) in its Q3 2023 investor letter:

“Also in information technology (IT), we added NCino, Inc. (NASDAQ:NCNO), another founder-led, modern banking cloud platform for commercial lending management. With a sticky, vertical software-as-a-service model, the company has increased its potential customer base by expanding into retail, mortgage and international markets. We believe the company is well-positioned to expand margins and re-accelerate sales as the backdrop for its banking customers normalizes after the regional banking crisis.”

A team of software developers gathered around a monitor discussing a new CRM platform. Editorial photo for a financial news article. 8k. –ar 16:9

NCino, Inc. (NASDAQ:NCNO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held NCino, Inc. (NASDAQ:NCNO) at the end of second quarter which was 19 in the previous quarter.

We discussed NCino, Inc. (NASDAQ:NCNO) in another article and shared Baron FinTech Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.