Procore Technologies, Inc. (NYSE:PCOR) is Spyglass Capital Management LLC's 10th Largest Position

Spyglass Capital Management LLC increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,048,154 shares of the company's stock after purchasing an additional 112,258 shares during the period. Procore Technologies accounts for 4.4% of Spyglass Capital Management LLC's investment portfolio, making the stock its 10th largest holding. Spyglass Capital Management LLC owned 0.71% of Procore Technologies worth $78,538,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Principal Financial Group Inc. lifted its stake in shares of Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after acquiring an additional 2,670,872 shares during the period. Capital World Investors grew its holdings in shares of Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Procore Technologies during the fourth quarter worth about $131,840,000. Champlain Investment Partners LLC purchased a new stake in Procore Technologies in the fourth quarter valued at approximately $105,747,000. Finally, Alliancebernstein L.P. grew its holdings in Procore Technologies by 474.3% in the fourth quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company's stock valued at $105,614,000 after purchasing an additional 1,164,074 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Performance

PCOR stock traded down $0.37 during trading on Friday, hitting $67.30. 1,188,732 shares of the company's stock traded hands, compared to its average volume of 1,714,917. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The stock has a fifty day moving average price of $64.91 and a two-hundred day moving average price of $72.70. The stock has a market capitalization of $10.04 billion, a price-to-earnings ratio of -93.47 and a beta of 0.90.

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

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $67.10, for a total value of $344,088.80. Following the completion of the sale, the director now directly owns 1,226,240 shares of the company's stock, valued at approximately $82,280,704. This represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 797 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $68.99, for a total transaction of $54,985.03. Following the completion of the sale, the chief financial officer now directly owns 199,067 shares of the company's stock, valued at $13,733,632.33. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,623 shares of company stock worth $3,144,659. Insiders own 29.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PCOR shares. Macquarie reduced their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. DA Davidson raised shares of Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. JMP Securities lifted their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research report on Tuesday, February 18th. Barclays boosted their target price on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Finally, Scotiabank reduced their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $80.24.

About Procore Technologies

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.