Spyglass Capital Management LLC Grows Position in Procore Technologies, Inc. $PCOR

Spyglass Capital Management LLC increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 5.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 943,888 shares of the company’s stock after purchasing an additional 45,790 shares during the quarter. Procore Technologies accounts for approximately 3.7% of Spyglass Capital Management LLC’s portfolio, making the stock its 16th biggest position. Spyglass Capital Management LLC’s holdings in Procore Technologies were worth $68,828,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Procore Technologies by 6.2% in the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock valued at $900,823,000 after buying an additional 718,663 shares during the last quarter. Wasatch Advisors LP increased its position in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after acquiring an additional 1,750,998 shares during the period. Wellington Management Group LLP raised its stake in shares of Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after acquiring an additional 1,486,153 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after acquiring an additional 360,207 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of Procore Technologies stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total value of $3,211,804.83. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at approximately $53,085,403.40. This trade represents a 5.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,225 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the transaction, the insider directly owned 64,660 shares of the company’s stock, valued at approximately $3,233,000. This represents a 6.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 377,911 shares of company stock worth $25,881,654 over the last 90 days. 21.50% of the stock is currently owned by company insiders.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $57.13 on Friday. The firm has a 50 day moving average of $59.45 and a two-hundred day moving average of $68.31. The stock has a market capitalization of $8.58 billion, a PE ratio of -85.27 and a beta of 0.90. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $46.08 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 earnings per share. On average, research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PCOR has been the subject of several research reports. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a report on Monday, February 9th. Piper Sandler decreased their price target on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Wednesday. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Canaccord Genuity Group cut their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.05.

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. 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.