Elwood Capital Partners LP Acquires New Position in Procore Technologies, Inc. (NYSE:PCOR)

Elwood Capital Partners LP bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 37,843 shares of the company’s stock, valued at approximately $2,836,000. Procore Technologies comprises 2.8% of Elwood Capital Partners LP’s holdings, making the stock its 10th largest holding.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc grew its position in shares of Procore Technologies by 92.1% during the 4th 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. Parkside Financial Bank & Trust grew its holdings in shares of Procore Technologies by 61.3% during 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 position 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 purchasing an additional 162 shares during the period. Hilltop National Bank bought a new stake in shares of Procore Technologies in the 4th quarter worth approximately $53,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in Procore Technologies by 1,434.0% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after purchasing an additional 674 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 1,447 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $68.79, for a total value of $99,539.13. Following the completion of the sale, the chief financial officer now owns 144,713 shares of the company’s stock, valued at $9,954,807.27. The trade was a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $67.10, for a total value of $344,088.80. Following the transaction, the director now directly owns 1,226,240 shares in the company, valued at approximately $82,280,704. This represents a 0.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 69,604 shares of company stock valued at $5,427,468 over the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Procore Technologies Trading Down 1.0 %

Procore Technologies stock opened at $66.13 on Tuesday. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. 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 stock has a market cap of $9.91 billion, a P/E ratio of -91.84 and a beta of 0.85. The company’s fifty day simple moving average is $75.55 and its 200-day simple moving average is $72.26.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The firm had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Robert W. Baird boosted their target price on shares of Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Barclays raised their price target on shares of Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Piper Sandler boosted their price objective on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus increased their price objective on Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Four investment 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

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.