155,373 Shares in Procore Technologies, Inc. $PCOR Purchased by Sycomore Asset Management

Key Points

• Sycomore Asset Management disclosed a new fourth-quarter stake in Procore Technologies, buying 155,373 shares worth about $11.3 million. The position represents roughly 1.5% of Sycomore’s portfolio.
• Several insiders sold shares recently, including director Connor Kevin J. O and insider Benjamin C. Singer. In total, insiders sold 121,955 shares valued at about $6.0 million over the last 90 days.
• Analysts remain mostly upbeat but have trimmed price targets amid mixed performance. Procore recently missed EPS estimates while revenue came in above expectations, and the stock traded near $42, well below the average analyst target of $72.56.

Sycomore Asset Management acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 155,373 shares of the company's stock, valued at approximately $11,302,000. Procore Technologies comprises about 1.5% of Sycomore Asset Management's investment portfolio, making the stock its 24th biggest position. Sycomore Asset Management owned about 0.10% of Procore Technologies at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp increased its position in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies during the fourth quarter valued at $41,000. Allworth Financial LP grew its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies in the fourth quarter worth about $54,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the business's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total value of $294,622.83. Following the completion of the sale, the director owned 990,983 shares of the company's stock, valued at approximately $50,609,501.81. The trade was a 0.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 121,955 shares of company stock valued at $6,030,964 in the last 90 days. 16.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. TD Cowen lowered their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. DA Davidson decreased their price target on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, February 13th. Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Canaccord Genuity Group decreased their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a research report on Friday, February 13th. Finally, Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $72.56.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $42.13 on Friday. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of -82.60 and a beta of 0.73. Procore Technologies, Inc. has a 12 month low of $41.70 and a 12 month high of $82.32. The firm's 50 day simple moving average is $51.29 and its 200-day simple moving average is $59.58. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies's revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 EPS. Analysts expect that Procore Technologies, Inc. will post 0.06 EPS 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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.