Rhumbline Advisers Cuts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Rhumbline Advisers cut its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,007 shares of the company’s stock after selling 2,429 shares during the quarter. Rhumbline Advisers’ holdings in Procore Technologies were worth $10,566,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PCOR. Versant Capital Management Inc increased its holdings in Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after buying an additional 175 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Procore Technologies by 37.8% in the 4th 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 last quarter. International Assets Investment Management LLC raised its position in shares of Procore Technologies by 6,069.2% during the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after acquiring an additional 789 shares in the last quarter. Hilltop National Bank acquired a new stake in shares of Procore Technologies during the 4th quarter worth about $53,000. Finally, GAMMA Investing LLC lifted its stake in Procore Technologies by 84.7% during the fourth quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock worth $56,000 after purchasing an additional 342 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares in the company, valued at $17,480. This represents a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $82.92, for a total transaction of $995,040.00. Following the sale, the executive now owns 161,368 shares in the company, valued at approximately $13,380,634.56. This trade represents a 6.92 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 95,311 shares of company stock valued at $7,720,903. 29.00% of the stock is owned by insiders.

Procore Technologies Stock Performance

PCOR opened at $82.28 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average of $78.09 and a 200-day moving average of $69.61. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of -114.27 and a beta of 0.84.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on PCOR shares. BMO Capital Markets lifted their target price on Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. UBS Group raised their price target on Procore Technologies from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Barclays boosted their price objective on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Stifel Nicolaus raised their target price on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, Mizuho upped their price target on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Four 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. Based on data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average target price of $89.94.

Procore Technologies Company 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.