ShawSpring Partners LLC Sells 483,700 Shares of Procore Technologies, Inc. $PCOR

ShawSpring Partners LLC decreased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 31.0% in the third quarter, Holdings Channel reports. The institutional investor owned 1,077,913 shares of the company’s stock after selling 483,700 shares during the quarter. Procore Technologies makes up approximately 11.7% of ShawSpring Partners LLC’s holdings, making the stock its 3rd largest position. ShawSpring Partners LLC’s holdings in Procore Technologies were worth $78,601,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Global Retirement Partners LLC boosted its stake in Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after acquiring an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies during the third quarter worth $34,000. Jones Financial Companies Lllp increased its stake in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the period. First Horizon Corp acquired a new position in Procore Technologies in the 3rd quarter worth about $49,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Procore Technologies during the 3rd quarter valued at approximately $57,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Activity

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $57.25, for a total transaction of $440,367.00. Following the completion of the transaction, the director directly owned 1,004,444 shares of the company’s stock, valued at approximately $57,504,419. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Howard Fu sold 814 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.99, for a total value of $59,413.86. Following the completion of the transaction, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at approximately $13,009,518.63. This trade represents a 0.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 377,911 shares of company stock valued at $25,881,654 in the last ninety days. 21.50% of the stock is currently owned by insiders.

Procore Technologies Stock Up 1.7%

Shares of NYSE:PCOR opened at $57.04 on Friday. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32. The stock has a fifty day simple moving average of $59.70 and a two-hundred day simple moving average of $68.37. The stock has a market capitalization of $8.56 billion, a price-to-earnings ratio of -85.13 and a beta of 0.90. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 earnings per share. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PCOR shares. DA Davidson lowered their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Barclays reduced their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. The Goldman Sachs Group lowered their price target on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. Finally, Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.05.

Procore Technologies Profile

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.