Sycomore Asset Management Trims Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Sycomore Asset Management trimmed its position in Procore Technologies, Inc. (NYSE:PCOR) by 20.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,911 shares of the company’s stock after selling 22,689 shares during the quarter. Procore Technologies comprises approximately 1.3% of Sycomore Asset Management’s holdings, making the stock its 23rd biggest position. Sycomore Asset Management owned about 0.06% of Procore Technologies worth $6,232,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PCOR. Cerity Partners LLC increased its holdings in Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after acquiring an additional 1,303,804 shares in the last quarter. Vanguard Group Inc. boosted its stake in Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after purchasing an additional 995,757 shares during the period. Invesco Ltd. boosted its stake in Procore Technologies by 32.8% in the 3rd quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock worth $156,654,000 after purchasing an additional 592,318 shares during the period. Jennison Associates LLC boosted its stake in Procore Technologies by 722.9% in the 4th quarter. Jennison Associates LLC now owns 586,523 shares of the company’s stock worth $40,599,000 after purchasing an additional 515,245 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Procore Technologies by 940.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 407,530 shares of the company’s stock worth $26,620,000 after purchasing an additional 368,370 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $72.21, for a total value of $370,292.88. Following the completion of the sale, the director now directly owns 1,543,037 shares in the company, valued at $111,422,701.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Procore Technologies news, CFO Howard Fu sold 1,441 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total transaction of $102,339.82. Following the transaction, the chief financial officer now owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $72.21, for a total value of $370,292.88. Following the transaction, the director now directly owns 1,543,037 shares in the company, valued at approximately $111,422,701.77. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 467,672 shares of company stock valued at $36,612,454. 39.20% of the stock is owned by company insiders.

Procore Technologies Stock Performance

Shares of Procore Technologies stock traded down $0.62 on Wednesday, reaching $71.11. 933,623 shares of the stock were exchanged, compared to its average volume of 1,201,327. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of -53.47 and a beta of 0.71. The business has a 50 day moving average price of $77.03 and a two-hundred day moving average price of $68.88.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. The company had revenue of $260.04 million during the quarter, compared to the consensus estimate of $248.20 million. Analysts anticipate that Procore Technologies, Inc. will post -0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PCOR. Piper Sandler increased their target price on Procore Technologies from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. JMP Securities raised their price target on Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research report on Friday, February 16th. KeyCorp raised their price target on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Stifel Nicolaus raised their price target on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. increased their target price on Procore Technologies from $76.00 to $81.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 23rd. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.86.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.