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

Spyglass Capital Management LLC lessened its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,005,371 shares of the company’s stock after selling 75,972 shares during the quarter. Procore Technologies comprises about 4.1% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 12th biggest holding. Spyglass Capital Management LLC’s holdings in Procore Technologies were worth $57,306,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. boosted its stake in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies in the 3rd quarter worth $34,000. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth $41,000. Allworth Financial LP lifted its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new stake in shares of Procore Technologies in the fourth quarter valued at $54,000. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $48.76 on Wednesday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The stock has a fifty day moving average of $44.49 and a 200-day moving average of $52.19. The company has a market capitalization of $7.36 billion, a PE ratio of -95.61 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. As a group, equities analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PCOR has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. TD Cowen cut their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Piper Sandler reduced their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $69.59.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock worth $8,791,847 in the last quarter. 16.80% of the stock is owned by company insiders.

About Procore Technologies

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.