Procore Technologies, Inc. $PCOR Shares Acquired by Spyglass Capital Management LLC

Spyglass Capital Management LLC increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 5.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 943,888 shares of the company’s stock after acquiring an additional 45,790 shares during the quarter. Procore Technologies makes up about 3.7% of Spyglass Capital Management LLC’s portfolio, making the stock its 16th biggest holding. Spyglass Capital Management LLC owned 0.61% of Procore Technologies worth $68,828,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of Procore Technologies by 23.6% during the third quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock worth $68,000 after purchasing an additional 179 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC lifted its stake in Procore Technologies by 1.6% in the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after buying an additional 200 shares in the last quarter. George Kaiser Family Foundation boosted its holdings in Procore Technologies by 1.0% in the 2nd quarter. George Kaiser Family Foundation now owns 23,168 shares of the company’s stock worth $1,585,000 after buying an additional 240 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after buying an additional 269 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the completion of the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $53,085,403.40. This trade represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.25, for a total transaction of $440,367.00. Following the completion of the transaction, the director owned 1,004,444 shares in the company, valued at $57,504,419. The trade was a 0.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 377,911 shares of company stock worth $25,881,654. Company insiders own 21.50% of the company’s stock.

Procore Technologies Price Performance

PCOR stock opened at $57.13 on Friday. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $8.58 billion, a PE ratio of -85.27 and a beta of 0.90. The business has a 50 day simple moving average of $59.45 and a 200-day simple moving average of $68.31.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PCOR. DA Davidson reduced their target price on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, February 13th. BTIG Research reiterated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Wednesday. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Stifel Nicolaus decreased their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Finally, Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $77.05.

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.