Cullinan Associates Inc. Takes $1.32 Million Position in Procore Technologies, Inc. (NYSE:PCOR)

Cullinan Associates Inc. acquired a new stake in Procore Technologies, Inc. (NYSE:PCORFree Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 20,000 shares of the company’s stock, valued at approximately $1,320,000.

A number of other hedge funds also recently made changes to their positions in PCOR. Capital World Investors lifted its holdings in Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Procore Technologies during the 4th quarter worth approximately $131,840,000. Champlain Investment Partners LLC acquired a new stake in Procore Technologies during the 4th quarter worth approximately $105,747,000. Alliancebernstein L.P. lifted its holdings in Procore Technologies by 474.3% during the 4th quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company’s stock worth $105,614,000 after purchasing an additional 1,164,074 shares during the last quarter. Finally, Norges Bank acquired a new stake in Procore Technologies during the 4th quarter worth approximately $86,387,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on PCOR shares. Scotiabank dropped their price target on Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating for the company in a report on Thursday, April 24th. Piper Sandler dropped their price target on Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Stifel Nicolaus dropped their price target on Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 2nd. KeyCorp dropped their price target on Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Finally, JPMorgan Chase & Co. lowered their price objective on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $80.83.

Check Out Our Latest Research Report on PCOR

Insider Buying and Selling

In related news, major shareholder Iconiq Strategic Partners Iv, sold 116,365 shares of the business’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $7,535,797.40. Following the sale, the insider now owns 1,893,458 shares in the company, valued at $122,620,340.08. The trade was a 5.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Howard Fu sold 797 shares of the business’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $68.99, for a total value of $54,985.03. Following the sale, the chief financial officer now owns 199,067 shares in the company, valued at $13,733,632.33. This represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 659,616 shares of company stock worth $42,781,416 in the last 90 days. Insiders own 29.00% of the company’s stock.

Procore Technologies Trading Up 0.3%

Shares of PCOR opened at $66.54 on Friday. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The business’s fifty day moving average is $65.57 and its 200-day moving average is $71.47. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market cap of $9.93 billion, a price-to-earnings ratio of -77.37 and a beta of 0.90.

Procore Technologies (NYSE:PCORGet Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The company had revenue of $310.63 million for the quarter, compared to analyst estimates of $302.66 million. During the same quarter last year, the company posted $0.30 EPS. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. Equities analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Procore Technologies Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Procore Technologies (NYSE:PCOR)

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