Spyglass Capital Management LLC Boosts Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Spyglass Capital Management LLC boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 12.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,048,154 shares of the company’s stock after purchasing an additional 112,258 shares during the quarter. Procore Technologies comprises about 4.4% of Spyglass Capital Management LLC’s portfolio, making the stock its 10th biggest position. Spyglass Capital Management LLC’s holdings in Procore Technologies were worth $78,538,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its stake in Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 147 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after acquiring an additional 162 shares in the last quarter. Huntington National Bank boosted its stake 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 acquiring an additional 404 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in Procore Technologies by 1,434.0% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock worth $54,000 after purchasing an additional 674 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $56,000. 81.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 6,937 shares of Procore Technologies stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the sale, the insider now directly owns 72,110 shares in the company, valued at $6,028,396. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction that occurred 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 completion of the sale, the insider now owns 200 shares of the company’s stock, valued at $17,480. This trade represents a 84.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,834 shares of company stock valued at $5,181,472 in the last ninety days. 29.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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 research report on Monday, March 31st. UBS Group reduced their price objective on Procore Technologies from $110.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Macquarie dropped their target price on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Barclays raised their price target on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Finally, KeyCorp cut their price objective on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.24.

Procore Technologies Stock Performance

NYSE:PCOR opened at $71.08 on Monday. The company has a fifty day moving average of $64.88 and a two-hundred day moving average of $72.73. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The stock has a market capitalization of $10.60 billion, a PE ratio of -98.72 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

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

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.