48,500 Shares in Procore Technologies, Inc. (NYSE:PCOR) Bought by Old Well Partners LLC

Old Well Partners LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 48,500 shares of the company's stock, valued at approximately $3,634,000. Procore Technologies comprises about 6.9% of Old Well Partners LLC's portfolio, making the stock its 6th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its stake in Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock worth $29,000 after buying an additional 147 shares in the last quarter. V Square Quantitative Management LLC grew its position in Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock valued at $44,000 after acquiring an additional 162 shares during the last quarter. Huntington National Bank boosted its position in Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after buying an additional 404 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Procore Technologies by 1,434.0% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company's stock worth $54,000 after purchasing an additional 674 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Procore Technologies by 84.7% in the 4th quarter. GAMMA Investing LLC now owns 746 shares of the company's stock worth $56,000 after buying an additional 342 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity

In other news, CRO Lawrence Joseph Stack sold 12,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total value of $995,040.00. Following the completion of the sale, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. This represents a 6.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now owns 200 shares of the company's stock, valued at $17,480. This trade represents a 84.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,142 shares of company stock valued at $4,053,807. Corporate insiders own 29.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Piper Sandler cut their price target on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Mizuho dropped their target price on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Barclays lifted their target price on Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. BMO Capital Markets reduced their price objective on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus cut their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.24.

Procore Technologies Price Performance

Procore Technologies stock opened at $72.33 on Tuesday. The stock has a fifty day moving average of $64.75 and a 200-day moving average of $72.50. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The stock has a market capitalization of $10.79 billion, a P/E ratio of -100.46 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.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Procore Technologies's quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.30 earnings per share. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Procore Technologies 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.

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