Spyglass Capital Management LLC Raises Position in Procore Technologies, Inc. (NYSE:PCOR)

Spyglass Capital Management LLC raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 12.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,048,154 shares of the company’s stock after buying an additional 112,258 shares during the quarter. Procore Technologies comprises 4.4% of Spyglass Capital Management LLC’s portfolio, making the stock its 10th largest holding. Spyglass Capital Management LLC owned approximately 0.71% of Procore Technologies worth $78,538,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of PCOR. Two Sigma Investments LP increased its position in shares of Procore Technologies by 5.3% in the fourth quarter. Two Sigma Investments LP now owns 4,181 shares of the company’s stock worth $313,000 after purchasing an additional 210 shares during the last quarter. Temasek Holdings Private Ltd purchased a new position in shares of Procore Technologies in the 4th quarter worth about $3,499,000. Two Star Manager LLC lifted its position in Procore Technologies by 62.6% in the 4th quarter. Two Star Manager LLC now owns 100,345 shares of the company’s stock worth $7,519,000 after buying an additional 38,624 shares during the last quarter. Snowden Capital Advisors LLC boosted its stake in shares of Procore Technologies by 4.2% in the 4th quarter. Snowden Capital Advisors LLC now owns 7,593 shares of the company’s stock valued at $569,000 after purchasing an additional 307 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC increased its holdings in shares of Procore Technologies by 3.7% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 30,313 shares of the company’s stock worth $2,271,000 after buying an additional 1,075 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of PCOR opened at $71.08 on Monday. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The business has a fifty day moving average of $64.88 and a 200 day moving average of $72.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market capitalization of $10.60 billion, a P/E ratio of -98.72 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The firm had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 EPS. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the transaction, the chief financial officer now owns 156,188 shares in the company, valued at $13,588,356. This trade represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the sale, the insider now owns 200 shares in the company, valued at $17,480. This represents a 84.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 69,834 shares of company stock valued at $5,181,472 over the last quarter. 29.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PCOR. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research report on Tuesday, May 13th. JMP Securities upped their target price on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. Scotiabank cut their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a report on Thursday, April 24th. Barclays upped their price objective on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Finally, Jefferies Financial Group reduced their price target on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $80.24.

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.