Procore Technologies, Inc. $PCOR Stock Holdings Lifted by Torque Asset Management LLC

Torque Asset Management LLC raised its stake in Procore Technologies, Inc. (NYSE:PCOR) by 9.2% during the 4th quarter, HoldingsChannel reports. The firm owned 344,897 shares of the company’s stock after acquiring an additional 28,990 shares during the period. Procore Technologies accounts for 8.7% of Torque Asset Management LLC’s portfolio, making the stock its 4th biggest position. Torque Asset Management LLC’s holdings in Procore Technologies were worth $25,088,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PCOR. Blue Owl Capital Holdings LP purchased a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $6,857,000. Robinhood Asset Management LLC purchased a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $7,136,000. Spyglass Capital Management LLC boosted its stake in shares of Procore Technologies by 5.1% in the third quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company’s stock valued at $68,828,000 after buying an additional 45,790 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of Procore Technologies by 20.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock valued at $32,048,000 after buying an additional 75,436 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Procore Technologies by 105.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after buying an additional 23,555 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. BTIG Research restated a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Wednesday, May 6th. UBS Group decreased their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. TD Cowen decreased their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Finally, Piper Sandler decreased their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Fourteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $71.33.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the completion of the transaction, the director directly owned 990,983 shares of the company’s stock, valued at $50,609,501.81. The trade was a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business’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 completion of the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 178,077 shares of company stock worth $8,564,311. 16.80% of the stock is owned by corporate insiders.

Procore Technologies Stock Up 0.1%

PCOR opened at $42.40 on Tuesday. The business’s fifty day moving average is $50.67 and its two-hundred day moving average is $59.15. 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 company has a market cap of $6.40 billion, a price-to-earnings ratio of -83.13 and a beta of 0.73. Procore Technologies, Inc. has a one year low of $40.74 and a one year high of $82.32.

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

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.