Sycomore Asset Management Acquires 66,248 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Sycomore Asset Management boosted its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 61.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,723 shares of the company’s stock after purchasing an additional 66,248 shares during the quarter. Procore Technologies makes up approximately 1.9% of Sycomore Asset Management’s holdings, making the stock its 17th biggest position. Sycomore Asset Management’s holdings in Procore Technologies were worth $11,016,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PCOR. Dragoneer Investment Group LLC increased its holdings in shares of Procore Technologies by 254.0% in the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. XN LP increased its stake in Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares during the last quarter. Meritage Group LP purchased a new stake in shares of Procore Technologies during the 1st quarter worth approximately $106,738,000. William Blair Investment Management LLC bought a new position in shares of Procore Technologies during the 1st quarter valued at approximately $91,158,000. Finally, Robeco Schweiz AG bought a new stake in Procore Technologies in the fourth quarter worth $60,914,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PCOR. Piper Sandler lowered their price objective on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Mizuho reaffirmed a “neutral” rating and issued a $70.00 price target (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Macquarie reissued a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research note on Tuesday, July 30th. Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $78.00 to $54.00 in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the transaction, the insider now owns 106,705 shares of the company’s stock, valued at approximately $7,469,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $68.68, for a total value of $78,432.56. Following the completion of the transaction, the chief financial officer now directly owns 181,419 shares of the company’s stock, valued at approximately $12,459,856.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the insider now directly owns 106,705 shares in the company, valued at approximately $7,469,350. The disclosure for this sale can be found here. In the last ninety days, insiders sold 99,890 shares of company stock worth $5,947,691. 29.00% of the stock is currently owned by company insiders.

Procore Technologies Price Performance

Procore Technologies stock opened at $61.74 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of -64.31 and a beta of 0.73. The firm has a 50-day moving average of $59.45 and a two-hundred day moving average of $66.55. Procore Technologies, Inc. has a 1 year low of $48.11 and a 1 year high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The firm had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. Procore Technologies’s quarterly revenue was up 24.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.28) earnings per share. On average, research analysts forecast that Procore Technologies, Inc. will post -0.28 earnings per share for the current 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.