Spyglass Capital Management LLC Decreases Stake in Procore Technologies, Inc. (NYSE:PCOR)

Spyglass Capital Management LLC cut its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 935,896 shares of the company’s stock after selling 17,484 shares during the period. Procore Technologies makes up about 3.8% of Spyglass Capital Management LLC’s portfolio, making the stock its 12th biggest holding. Spyglass Capital Management LLC owned about 0.63% of Procore Technologies worth $57,764,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PCOR. GAMMA Investing LLC boosted its position in shares of Procore Technologies by 76.4% during the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Procore Technologies in the 3rd quarter worth $26,000. Signaturefd LLC increased its holdings in shares of Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Procore Technologies in the 2nd quarter valued at about $51,000. Finally, International Assets Investment Management LLC grew its position in Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after acquiring an additional 789 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $81.45 on Friday. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $83.35. The business’s 50 day moving average price is $65.58 and its 200 day moving average price is $64.21. 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 market cap of $12.11 billion, a P/E ratio of -162.90 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). The company had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.23 earnings per share for the current year.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the sale, the director now directly owns 1,371,104 shares of the company’s stock, valued at approximately $79,606,298.24. This represents a 0.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kathryn Bueker sold 6,500 shares of Procore Technologies stock in a transaction on Monday, November 25th. The shares were sold at an average price of $78.01, for a total transaction of $507,065.00. Following the completion of the transaction, the director now directly owns 23,932 shares of the company’s stock, valued at $1,866,935.32. The trade was a 21.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,553 shares of company stock worth $7,933,974 over the last quarter. 29.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PCOR shares. Scotiabank upped their price objective on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Canaccord Genuity Group boosted their target price on Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Jefferies Financial Group upped their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, November 18th. Finally, BMO Capital Markets boosted their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

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.