Balyasny Asset Management L.P. Acquires New Position in Procore Technologies, Inc. (NYSE:PCOR)

Balyasny Asset Management L.P. acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,577 shares of the company's stock, valued at approximately $867,000.

Other hedge funds have also made changes to their positions in the company. Bamco Inc. NY grew its stake in Procore Technologies by 9.6% during the 4th quarter. Bamco Inc. NY now owns 992,794 shares of the company's stock worth $74,390,000 after buying an additional 86,943 shares during the last quarter. BNP Paribas grew its stake in Procore Technologies by 24.2% during the 4th quarter. BNP Paribas now owns 3,184 shares of the company's stock worth $239,000 after buying an additional 620 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Procore Technologies during the 4th quarter worth approximately $1,058,000. Ancora Advisors LLC lifted its position in Procore Technologies by 10,625.0% during the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after acquiring an additional 850 shares during the period. Finally, AXA S.A. lifted its position in Procore Technologies by 11.4% during the 4th quarter. AXA S.A. now owns 994,757 shares of the company's stock worth $74,537,000 after acquiring an additional 101,927 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Trading Down 1.2%

Procore Technologies stock traded down $0.87 during midday trading on Tuesday, reaching $69.07. The stock had a trading volume of 149,222 shares, compared to its average volume of 1,712,679. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The stock has a market capitalization of $10.30 billion, a PE ratio of -95.84 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The stock's 50-day simple moving average is $64.92 and its 200 day simple moving average is $72.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million for the quarter, compared to analysts' expectations of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm's quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. KeyCorp decreased their price objective on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Canaccord Genuity Group increased their price objective on Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Macquarie decreased their price objective on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. JMP Securities increased their price objective on Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a research report on Tuesday, February 18th. Finally, BMO Capital Markets decreased their price objective on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $80.24.

Insiders Place Their Bets

In related news, CFO Howard Fu sold 8,000 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total value of $696,000.00. Following the transaction, the chief financial officer now owns 156,188 shares in the company, valued at approximately $13,588,356. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $72.16, for a total value of $555,054.72. Following the completion of the transaction, the director now owns 1,192,900 shares in the company, valued at approximately $86,079,664. This trade represents a 0.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,834 shares of company stock worth $5,181,472 over the last quarter. 29.00% of the stock is owned by corporate insiders.

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.