TFJ Management LLC Makes New Investment in Procore Technologies, Inc. (NYSE:PCOR)

TFJ Management LLC bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 70,271 shares of the company’s stock, valued at approximately $5,265,000. Procore Technologies accounts for about 4.7% of TFJ Management LLC’s investment portfolio, making the stock its 9th biggest position.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. Capital World Investors grew its holdings in shares of Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after buying an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Procore Technologies in the 4th quarter valued at $131,840,000. Assenagon Asset Management S.A. increased its position in shares of Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after acquiring an additional 1,425,967 shares during the period. Finally, Champlain Investment Partners LLC acquired a new stake in Procore Technologies during the 4th quarter worth about $105,747,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Down 2.5 %

Shares of NYSE PCOR opened at $58.37 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. The firm has a 50-day moving average price of $69.99 and a 200 day moving average price of $72.21. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of -81.06 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its quarterly 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 return on equity of 5.10% and a negative net margin of 9.20%. The firm had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 1,500 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $78.00, for a total value of $117,000.00. Following the completion of the transaction, the insider now directly owns 83,039 shares in the company, valued at approximately $6,477,042. The trade was a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the sale, the insider now owns 200 shares in the company, valued at $17,480. This trade represents a 84.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,982 shares of company stock worth $5,069,759. 29.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on PCOR shares. Mizuho lowered 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. JMP Securities boosted their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Jefferies Financial Group dropped their target price on Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Barclays lowered their price objective on Procore Technologies from $90.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $86.88.

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.