ShawSpring Partners LLC Increases Stake in Procore Technologies, Inc. (NYSE:PCOR)

ShawSpring Partners LLC boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 493.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,438,082 shares of the company’s stock after acquiring an additional 1,195,675 shares during the period. Procore Technologies accounts for 11.2% of ShawSpring Partners LLC’s portfolio, making the stock its 4th largest position. ShawSpring Partners LLC owned 0.97% of Procore Technologies worth $88,758,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CIBC Asset Management Inc grew its holdings in Procore Technologies by 3.5% during the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after purchasing an additional 143 shares during the period. Tanager Wealth Management LLP lifted its stake in Procore Technologies by 1.2% in the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after buying an additional 150 shares in the last quarter. GAMMA Investing LLC lifted its stake in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after buying an additional 175 shares in the last quarter. Taylor Frigon Capital Management LLC increased its position in shares of Procore Technologies by 0.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after acquiring an additional 180 shares in the last quarter. Finally, Signaturefd LLC lifted its position in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after acquiring an additional 216 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PCOR. KeyCorp upped their target price on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. TD Cowen upped their price objective on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Scotiabank lifted their target price on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. The Goldman Sachs Group boosted their target price on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, Robert W. Baird initiated coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target for the company. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.25.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the sale, the director now owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This trade represents a 0.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of the sale, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,053 shares of company stock worth $7,426,909. Company insiders own 29.00% of the company’s stock.

Procore Technologies Trading Up 0.1 %

Shares of NYSE:PCOR opened at $80.28 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $83.35. The company’s 50 day moving average price is $64.64 and its two-hundred day moving average price is $64.00.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.23 earnings per share for the current year.

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.