Procore Technologies, Inc. $PCOR is ShawSpring Partners LLC’s 3rd Largest Position

ShawSpring Partners LLC decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 31.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,077,913 shares of the company’s stock after selling 483,700 shares during the period. Procore Technologies comprises approximately 11.7% of ShawSpring Partners LLC’s holdings, making the stock its 3rd largest holding. ShawSpring Partners LLC owned approximately 0.69% of Procore Technologies worth $78,601,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its holdings in shares of Procore Technologies by 76.6% during 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 purchasing an additional 1,750,998 shares in the last quarter. Wasatch Advisors LP grew its position in shares of Procore Technologies by 58.4% during the 2nd 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 period. Norges Bank purchased a new position in shares of Procore Technologies in the 2nd quarter valued at about $82,361,000. Champlain Investment Partners LLC increased its stake in shares of Procore Technologies by 73.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock valued at $154,590,000 after purchasing an additional 955,450 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Procore Technologies by 6.2% in the 3rd quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock worth $900,823,000 after purchasing an additional 718,663 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $57.25, for a total transaction of $440,367.00. Following the completion of the transaction, the director directly owned 1,004,444 shares in the company, valued at approximately $57,504,419. This represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 4,225 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares of the company’s stock, valued at $3,233,000. This represents a 6.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 377,911 shares of company stock worth $25,881,654. 21.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on PCOR. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Barclays dropped their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Zacks Research downgraded Procore Technologies from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 17th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, DA Davidson dropped their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.05.

Procore Technologies Trading Up 1.7%

Procore Technologies stock opened at $57.04 on Friday. The stock has a market cap of $8.56 billion, a PE ratio of -85.13 and a beta of 0.90. The company has a current ratio of 1.32, a quick 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. The stock has a 50-day moving average price of $59.70 and a 200 day moving average price of $68.37.

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