Procore Technologies, Inc. (NYSE:PCOR) Shares Purchased by Woodline Partners LP

Woodline Partners LP boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 45.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 691,980 shares of the company’s stock after purchasing an additional 217,351 shares during the quarter. Woodline Partners LP’s holdings in Procore Technologies were worth $51,850,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PCOR. Parkside Financial Bank & Trust grew its holdings in Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in Procore Technologies by 37.8% in the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after buying an additional 162 shares in the last quarter. Huntington National Bank grew its holdings in Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after buying an additional 404 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in Procore Technologies by 1,434.0% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after buying an additional 674 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Procore Technologies in the 4th quarter valued at $56,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $69.88 on Tuesday. The business has a 50-day moving average of $64.92 and a 200 day moving average of $72.75. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of -97.05 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $310.63 million during the quarter, compared to analysts’ expectations of $302.66 million. During the same period last year, the business posted $0.30 EPS. Procore Technologies’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JMP Securities upped their target price on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. UBS Group dropped their target price on Procore Technologies from $110.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Jefferies Financial Group dropped their target price on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a report on Monday, March 31st. Scotiabank dropped their target price 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. Finally, DA Davidson upgraded Procore Technologies to a “hold” rating in a report on Tuesday, May 13th. Four 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.24.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 7,700 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total transaction of $436,359.00. Following the completion of the transaction, the director now directly owns 1,208,284 shares in the company, valued at $68,473,454.28. This trade represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s 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 transaction, the insider now owns 200 shares of the company’s stock, valued at $17,480. This trade represents a 84.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,834 shares of company stock worth $5,181,472 in the last three months. 29.00% of the stock is owned by company insiders.

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.