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

Spyglass Capital Management LLC cut its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 7.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,005,371 shares of the company’s stock after selling 75,972 shares during the quarter. Procore Technologies accounts for about 4.1% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 12th largest holding. Spyglass Capital Management LLC owned about 0.67% of Procore Technologies worth $57,306,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of Procore Technologies during the fourth quarter worth $511,000. Goldman Sachs Group Inc. boosted its holdings in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after buying an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after buying an additional 52,507 shares during the last quarter. Prudential Financial Inc. grew its position in shares of Procore Technologies by 56.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after buying an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after acquiring an additional 269 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. UBS Group cut their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Barclays dropped their price target on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Jefferies Financial Group cut their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Finally, BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $69.59.

Procore Technologies Stock Performance

PCOR opened at $48.76 on Wednesday. The business’s 50 day moving average is $44.49 and its 200-day moving average is $52.19. The stock has a market cap of $7.36 billion, a PE ratio of -95.61 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The business’s quarterly revenue was up 15.7% on a year-over-year basis. On average, analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,775 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares in the company, valued at approximately $42,037,521.88. The trade was a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by company insiders.

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. 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.