ShawSpring Partners LLC Has $89.71 Million Stake in Procore Technologies, Inc. (NYSE:PCOR)

ShawSpring Partners LLC lowered its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 16.8% in the 4th quarter, HoldingsChannel reports. The firm owned 1,197,199 shares of the company’s stock after selling 240,883 shares during the period. Procore Technologies makes up approximately 11.9% of ShawSpring Partners LLC’s holdings, making the stock its 2nd largest holding. ShawSpring Partners LLC’s holdings in Procore Technologies were worth $89,706,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Diversified Trust Co lifted its holdings in shares of Procore Technologies by 157.1% in the 4th quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock worth $3,795,000 after purchasing an additional 30,948 shares in the last quarter. US Bancorp DE lifted its position in Procore Technologies by 18.8% in the 4th quarter. US Bancorp DE now owns 21,416 shares of the company’s stock valued at $1,605,000 after acquiring an additional 3,390 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Procore Technologies during the 4th quarter worth approximately $20,729,000. Barclays PLC boosted its position in shares of Procore Technologies by 49.1% during the third quarter. Barclays PLC now owns 69,012 shares of the company’s stock valued at $4,259,000 after buying an additional 22,734 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in Procore Technologies during the fourth quarter worth $56,000. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PCOR shares. JMP Securities raised their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research report on Tuesday, February 18th. Mizuho dropped their price target on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group lowered their target price on Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Canaccord Genuity Group raised their price objective on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, UBS Group raised their price target on shares of Procore Technologies from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $86.88.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 7,700 shares of Procore Technologies stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total transaction of $436,359.00. Following the sale, the director now directly owns 1,208,284 shares in the company, valued at $68,473,454.28. The trade was a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 1,447 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $68.79, for a total transaction of $99,539.13. Following the sale, the chief financial officer now owns 144,713 shares in the company, valued at approximately $9,954,807.27. This trade represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,766 shares of company stock worth $4,995,169 over the last quarter. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Stock Performance

Procore Technologies stock opened at $60.64 on Wednesday. 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 firm has a fifty day simple moving average of $70.99 and a two-hundred day simple moving average of $72.24. The company has a market capitalization of $9.09 billion, a PE ratio of -84.21 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92.

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