Sycomore Asset Management Takes $11.30 Million Position in Procore Technologies, Inc. $PCOR

Sycomore Asset Management bought a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the 4th quarter, HoldingsChannel reports. The firm bought 155,373 shares of the company’s stock, valued at approximately $11,302,000. Procore Technologies accounts for 1.5% of Sycomore Asset Management’s investment portfolio, making the stock its 24th biggest holding.

Several other institutional investors have also modified their holdings of PCOR. Jones Financial Companies Lllp lifted its stake in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. Intellectus Partners LLC lifted its stake in Procore Technologies by 1.6% in the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after buying an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after buying an additional 202 shares during the last quarter. Allworth Financial LP lifted its stake in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the last quarter. Finally, George Kaiser Family Foundation lifted its stake in Procore Technologies by 0.5% in the fourth quarter. George Kaiser Family Foundation now owns 52,306 shares of the company’s stock valued at $3,805,000 after buying an additional 241 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Down 3.2%

Procore Technologies stock opened at $42.13 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $6.36 billion, a price-to-earnings ratio of -82.60 and a beta of 0.73. Procore Technologies, Inc. has a fifty-two week low of $41.70 and a fifty-two week high of $82.32. The stock’s fifty day moving average is $51.29 and its two-hundred day moving average is $59.58.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS. Analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PCOR. UBS Group dropped their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Stifel Nicolaus dropped their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 13th. BTIG Research reissued a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Finally, Barclays dropped their target price on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $72.56.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman directly owned 927,580 shares in the company, valued at $47,362,234.80. This trade represents a 5.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 121,955 shares of company stock valued at $6,030,964. Insiders own 16.80% of the company’s stock.

Procore Technologies Company 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.