Key Points
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RPD Fund acquired 886,005 shares of NICE; estimated transaction value of $100.15 million (based on quarterly average price).
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Quarter-end position value increased by $100.15 million, reflecting the entire new holding’s valuation, including price moves.
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Position represents 43.42% of the fund’s 13F reportable AUM.
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Post-trade stake: 886,005 shares, valued at $100.15 million.
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The new position comprises 43.42% of reportable AUM, making it the fund’s largest holding after the quarter.
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What happened
According to an SEC filing dated Feb. 17, 2026, RPD Fund Management LLC initiated a new position in NICE by purchasing 886,005 shares. The estimated transaction value was $100.15 million, calculated using the average quarterly closing price. The new holding’s quarter-end valuation also stood at $100.15 million, incorporating price movements during the period.
What else to know
This new position accounts for 43.42% of RPD Fund Management LLC’s reportable U.S. equity assets under management as of Dec. 31, 2025.
- Top holdings after the quarter:
- Nice: $100.15 million (43.5% of AUM)
- Appian: $98.06 million (42.5% of (AUM)
- ZoomInfo Technolgies: $97.92 million (42.5% of AUM)
- Domo: $30.55 million (13.3% of AUM)
- Abercrombie & Fitch: $1.11 million (0.35%)
As of March 19, 2026, NICE shares were priced at $118.28, down 21.7% over the past year, underperforming the S&P 500 by 39 percentage points.
Company overview
MetricValuePrice (as of market close March 19, 2026)$118.28Market capitalization$7.03 billionRevenue (TTM)$2.97 billionNet income (TTM)$617.08 million
Company snapshot
Nice:
- Provides AI-driven cloud platforms for customer experience, digital business solutions, compliance, and financial crime prevention, including flagship products such as CXone, Enlighten, and X-Sight.
- Serves global enterprise customers across sectors such as contact centers, public safety agencies, and financial institutions seeking advanced automation and analytics solutions.
- Employs a global workforce and leverages proprietary technologies to deliver scalable, data-driven tools for large enterprise clients.
NICE is a global provider of AI-powered cloud platforms and analytics solutions, with a focus on customer experience, compliance, and financial crime prevention. The company’s diversified product suite and recurring revenue model position it as a leading technology partner for organizations managing complex customer interactions and regulatory requirements.
What this transaction means for investors
RPD Fund likes to move against the market’s view of a stock, and its purchase of Nice certainly fits that billing. Nice remains 62% below its 2021 high, and its stock has been punished especially hard recently as the market started selling off software stocks at risk of disruption from AI. However, after RPD made Nice its largest position at a whopping 32% position of its portfolio, it is clear that they think this fear is overdone.
While we are still early in the AI versus software battle, I think there are some signs that Nice may be OK in a world of AI. First, the company just grew cloud sales by 13% in 2025 and expects them to increase by 15% next year. Second, its cloud backlog grew by 25% in 2025. Best yet for investors — particularly those worried about AI — Nice grew its annual recurring revenue for its AI products by by 66% in its last quarter. Yes, we’re still early in the AI adoption game, but these results look more like a tailwind than a headwind for the company.
Trading at just 15 times free cash flow, even after accounting for stock-based compensation, Nice offers investors an attractive risk-reward profile if you believe AI is truly a tailwind for the stock. Buying back shares hand over fist at a discount and expanding its AI capabilities dramatically as it integrates its recent Cognigy acquisition, I think Nice is a very interesting contrarian pick while negativity toward the stock remains pretty high.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nice. The Motley Fool recommends Abercrombie & Fitch. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
