Point72 Asset Management L.P. Purchases 6,587 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Point72 Asset Management L.P. raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 10.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,120 shares of the company's stock after buying an additional 6,587 shares during the quarter. Point72 Asset Management L.P.'s holdings in Procore Technologies were worth $5,029,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Quantinno Capital Management LP bought a new stake in shares of Procore Technologies in the 4th quarter worth $231,000. Man Group plc increased its holdings in shares of Procore Technologies by 42.8% in the 4th quarter. Man Group plc now owns 88,071 shares of the company's stock worth $6,599,000 after purchasing an additional 26,383 shares in the last quarter. Newlands Management Operations LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth $1,033,000. Nuveen Asset Management LLC increased its holdings in shares of Procore Technologies by 1.3% in the 4th quarter. Nuveen Asset Management LLC now owns 368,268 shares of the company's stock worth $27,594,000 after purchasing an additional 4,831 shares in the last quarter. Finally, Old Well Partners LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth $3,634,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 4,203 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $68.91, for a total transaction of $289,628.73. Following the sale, the insider now directly owns 102,057 shares in the company, valued at $7,032,747.87. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Howard Fu sold 797 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $68.99, for a total value of $54,985.03. Following the sale, the chief financial officer now owns 199,067 shares in the company, valued at approximately $13,733,632.33. This trade represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,623 shares of company stock worth $3,144,659. Corporate insiders own 29.00% of the company's stock.

Procore Technologies Price Performance

Shares of Procore Technologies stock traded down $0.37 during trading hours on Friday, hitting $67.30. The company's stock had a trading volume of 1,188,732 shares, compared to its average volume of 1,718,696. The business has a 50 day moving average price of $64.91 and a two-hundred day moving average price of $72.72. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The company has a market cap of $10.04 billion, a PE ratio of -93.47 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 quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. During the same period in the previous year, the business earned $0.30 earnings per share. The business's revenue was up 15.3% on a year-over-year basis. Analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the company. Piper Sandler reduced their target price on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. BMO Capital Markets reduced their target price on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. cut their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. JMP Securities lifted their price objective on Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a report on Tuesday, February 18th. Finally, Barclays lifted their price objective on Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Four investment 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 company's stock. According to data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and an average price target 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.