Square Peg Capital PTY Ltd. Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Square Peg Capital PTY Ltd. acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, HoldingsChannel reports. The firm acquired 183,351 shares of the company’s stock, valued at approximately $13,738,000. Procore Technologies accounts for 12.6% of Square Peg Capital PTY Ltd.’s holdings, making the stock its 3rd largest holding.

A number of other institutional investors and hedge funds have also modified their holdings of PCOR. Parkside Financial Bank & Trust lifted its holdings in shares of Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after acquiring an additional 147 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after acquiring an additional 162 shares during the period. Huntington National Bank lifted its holdings in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after acquiring an additional 404 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Procore Technologies by 1,434.0% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after acquiring an additional 674 shares during the period. Finally, SBI Securities Co. Ltd. bought a new position in shares of Procore Technologies during the fourth quarter valued at $56,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Down 0.5%

PCOR opened at $71.48 on Friday. 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 cap of $10.66 billion, a price-to-earnings ratio of -99.28 and a beta of 0.90. The firm has a 50 day simple moving average of $64.77 and a 200 day simple moving average of $72.56. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last announced its quarterly 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 last year, the firm posted $0.30 earnings per share. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

PCOR has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their target price on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Mizuho reduced their target price on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Piper Sandler reduced their target price on Procore Technologies from $110.00 to $75.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Stifel Nicolaus reduced their target price on Procore Technologies from $93.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Finally, BMO Capital Markets decreased their price objective on shares of Procore Technologies from $95.00 to $75.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $80.24.

Insiders Place Their Bets

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the sale, the insider now owns 200 shares in the company, valued at $17,480. This trade represents a 84.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kathryn Bueker sold 7,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total transaction of $507,010.00. Following the completion of the sale, the director now owns 16,932 shares of the company’s stock, valued at approximately $1,226,384.76. This represents a 29.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,142 shares of company stock worth $4,626,417. 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.