Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Sycomore Asset Management

Sycomore Asset Management cut its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 20.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 88,911 shares of the company’s stock after selling 22,689 shares during the period. Procore Technologies comprises approximately 1.3% of Sycomore Asset Management’s portfolio, making the stock its 23rd largest holding. Sycomore Asset Management’s holdings in Procore Technologies were worth $6,232,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PCOR. Vanguard Group Inc. boosted its holdings in shares of Procore Technologies by 13.2% in the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after acquiring an additional 995,757 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Procore Technologies by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after acquiring an additional 114,649 shares during the period. Cadian Capital Management LP boosted its holdings in shares of Procore Technologies by 9.1% in the third quarter. Cadian Capital Management LP now owns 3,026,123 shares of the company’s stock valued at $197,666,000 after acquiring an additional 253,000 shares during the period. Invesco Ltd. boosted its holdings in shares of Procore Technologies by 32.8% in the third quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock valued at $156,654,000 after acquiring an additional 592,318 shares during the period. Finally, Cerity Partners LLC boosted its holdings in shares of Procore Technologies by 4,290.2% in the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after acquiring an additional 1,303,804 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCOR has been the subject of several recent research reports. Stifel Nicolaus increased their price target on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. BMO Capital Markets increased their price target on Procore Technologies from $76.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. JPMorgan Chase & Co. increased their price objective on Procore Technologies from $76.00 to $81.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 23rd. Piper Sandler increased their price objective on Procore Technologies from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Finally, KeyCorp increased their price objective on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $81.86.

Procore Technologies Stock Performance

NYSE:PCOR traded down $0.62 during midday trading on Wednesday, reaching $71.11. 933,623 shares of the company traded hands, compared to its average volume of 1,201,327. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of -53.47 and a beta of 0.71. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.49 and a quick ratio of 1.49. The company has a fifty day moving average price of $77.03 and a 200 day moving average price of $68.88.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.13. The business had revenue of $260.04 million during the quarter, compared to analyst estimates of $248.20 million. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. On average, analysts expect that Procore Technologies, Inc. will post -0.64 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, CFO Howard Fu sold 1,441 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the sale, the chief financial officer now owns 192,178 shares in the company, valued at approximately $13,648,481.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Craig F. Jr. Courtemanche sold 65,246 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $4,821,679.40. Following the completion of the transaction, the chief executive officer now directly owns 748,247 shares of the company’s stock, valued at approximately $55,295,453.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Howard Fu sold 1,441 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the transaction, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 467,672 shares of company stock valued at $36,612,454. Company insiders own 39.20% of the company’s stock.

Procore Technologies 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.