Cinctive Capital Management LP Buys New Shares in Procore Technologies, Inc. (NYSE:PCOR)

Cinctive Capital Management LP bought a new position in Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 11,000 shares of the company’s stock, valued at approximately $824,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. Bryce Point Capital LLC acquired a new position in shares of Procore Technologies in the fourth quarter valued at about $1,751,000. Huntington National Bank boosted its position in Procore Technologies by 161.6% in the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after buying an additional 404 shares during the last quarter. Elwood Capital Partners LP acquired a new position in Procore Technologies in the 4th quarter worth approximately $2,836,000. Geode Capital Management LLC raised its position in Procore Technologies by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,744,773 shares of the company’s stock worth $130,779,000 after buying an additional 28,341 shares during the last quarter. Finally, HighPoint Advisor Group LLC purchased a new position in Procore Technologies during the 4th quarter worth approximately $222,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PCOR shares. JMP Securities increased their price objective on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group upped their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th. Mizuho lifted their price objective on Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. boosted their price objective on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, Piper Sandler raised their target price on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Insider Buying and Selling

In other Procore Technologies news, 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 transaction, the insider now owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Howard Fu sold 1,447 shares of the company’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $68.79, for a total transaction of $99,539.13. Following the sale, the chief financial officer now directly owns 144,713 shares of the company’s stock, valued at $9,954,807.27. The trade was a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,604 shares of company stock worth $5,427,468 in the last 90 days. Insiders own 29.00% of the company’s stock.

Procore Technologies Trading Down 9.9 %

Shares of PCOR stock opened at $62.13 on Friday. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a market cap of $9.31 billion, a price-to-earnings ratio of -86.28 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a 50 day simple moving average of $74.81 and a 200-day simple moving average of $72.23.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

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.