Jacobs Levy Equity Management Inc. Lowers Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Jacobs Levy Equity Management Inc. trimmed its stake in Procore Technologies, Inc. (NYSE:PCOR) by 23.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,012,736 shares of the company’s stock after selling 317,850 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Procore Technologies were worth $75,884,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in PCOR. Vanguard Group Inc. raised its holdings in Procore Technologies by 7.6% in the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after purchasing an additional 838,925 shares in the last quarter. Capital World Investors increased its position in 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 acquiring an additional 2,555,612 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Principal Financial Group Inc. lifted its position in Procore Technologies by 29,376.1% during 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 in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Procore Technologies by 14.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock worth $196,873,000 after purchasing an additional 322,367 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PCOR shares. Barclays increased their price objective on shares of Procore Technologies from $70.00 to $72.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Jefferies Financial Group decreased their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a report on Monday, March 31st. UBS Group dropped their price target on Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. KeyCorp reduced their price target on Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. reduced their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.24.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $65.62 on Friday. The business has a 50-day moving average of $64.84 and a 200-day moving average of $72.37. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. 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 company has a market capitalization of $9.79 billion, a price-to-earnings ratio of -91.14 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. During the same period in the prior year, the company earned $0.30 earnings per share. The firm’s revenue was up 15.3% compared to the same quarter last year. On average, equities analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin C. Singer sold 6,937 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $83.60, for a total value of $579,933.20. Following the sale, the insider now directly owns 72,110 shares of the company’s stock, valued at $6,028,396. The trade was a 8.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,142 shares of company stock worth $4,053,807 over the last three months. Corporate insiders own 29.00% of the company’s stock.

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.