Tower Research Capital LLC TRC Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Tower Research Capital LLC TRC acquired a new position in Procore Technologies, Inc. (NYSE:PCOR) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,848 shares of the company’s stock, valued at approximately $738,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PCOR. Barclays PLC grew its stake in Procore Technologies by 49.1% in the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after buying an additional 22,734 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Procore Technologies during the 3rd quarter worth $227,000. Tidal Investments LLC grew its position in Procore Technologies by 237.8% in the third quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock worth $1,082,000 after acquiring an additional 12,346 shares in the last quarter. Synovus Financial Corp increased its stake in Procore Technologies by 24.3% in the third quarter. Synovus Financial Corp now owns 6,465 shares of the company’s stock valued at $399,000 after acquiring an additional 1,262 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in Procore Technologies by 92.1% during the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PCOR shares. Mizuho reduced their price objective on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. BMO Capital Markets decreased their price target on shares of Procore Technologies from $95.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday. JMP Securities boosted their price objective on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a report on Tuesday, February 18th. Barclays reduced their target price on shares of Procore Technologies from $90.00 to $70.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Finally, Scotiabank cut their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating for the company in a research report on Thursday. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.18.

Insiders Place Their Bets

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at $17,480. This trade represents a 84.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the sale, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. The trade was a 6.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,962 shares of company stock worth $5,041,588. Company insiders own 29.00% of the company’s stock.

Procore Technologies Stock Performance

NYSE:PCOR opened at $63.80 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The stock has a market cap of $9.57 billion, a P/E ratio of -88.61 and a beta of 0.90. The firm’s fifty day simple moving average is $67.74 and its 200 day simple moving average is $72.23.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. As a group, research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

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.