Concentric Capital Strategies LP Makes New Investment in Procore Technologies, Inc. (NYSE:PCOR)

Concentric Capital Strategies LP acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 76,740 shares of the company's stock, valued at approximately $5,750,000. Concentric Capital Strategies LP owned approximately 0.05% of Procore Technologies at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in shares of Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the period. Capital World Investors grew its position in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Procore Technologies in the fourth quarter valued at $131,840,000. Assenagon Asset Management S.A. grew its position in shares of Procore Technologies by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the period. Finally, Champlain Investment Partners LLC purchased a new stake in shares of Procore Technologies in the fourth quarter valued at $105,747,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 1,480 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $60.02, for a total value of $88,829.60. Following the transaction, the chief financial officer now directly owns 206,704 shares of the company's stock, valued at approximately $12,406,374.08. This represents a 0.71% 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, CRO Lawrence Joseph Stack sold 12,000 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the completion of the transaction, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. This trade represents a 6.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,142 shares of company stock valued at $4,053,807. 29.00% of the stock is owned by insiders.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded up $6.21 on Monday, reaching $71.84. 971,556 shares of the company traded hands, compared to its average volume of 1,713,017. The company's 50 day moving average is $64.84 and its 200-day moving average is $72.43. The stock has a market capitalization of $10.72 billion, a PE ratio of -99.39 and a beta of 0.90. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 earnings per share. As a group, analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of research analyst reports. Barclays lifted their target price on Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. UBS Group lowered their target price on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a report on Thursday, April 24th. KeyCorp decreased their price objective on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Mizuho decreased their price target on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Stifel Nicolaus decreased their price target on Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $80.24.

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.