Torque Asset Management LLC Buys 28,990 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Torque Asset Management increased its Procore Technologies stake by 9.2% in the fourth quarter, buying 28,990 shares and bringing its total to 344,897 shares worth about $25.1 million.
• Several other hedge funds also boosted their positions, and institutional investors now own 81.10% of Procore’s shares.
• Insiders have been selling stock recently, while analysts remain mostly constructive: Procore has a Moderate Buy consensus with a $71.33 average price target, despite the stock trading near $42.40.

Torque Asset Management LLC raised its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,897 shares of the company's stock after purchasing an additional 28,990 shares during the period. Procore Technologies comprises 8.7% of Torque Asset Management LLC's investment portfolio, making the stock its 4th biggest position. Torque Asset Management LLC owned approximately 0.22% of Procore Technologies worth $25,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PCOR. Alliancebernstein L.P. raised its position in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock valued at $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock worth $318,592,000 after acquiring an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock worth $248,066,000 after acquiring an additional 1,486,153 shares in the last quarter. Holocene Advisors LP raised its position in shares of Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company's stock worth $144,906,000 after acquiring an additional 1,412,721 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Procore Technologies during the 4th quarter worth about $82,739,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total value of $2,673,652.08. Following the transaction, the chairman directly owned 927,580 shares in the company, valued at approximately $44,189,911.20. This trade represents a 5.71% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 Procore Technologies stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 178,077 shares of company stock worth $8,564,311. 16.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PCOR has been the topic of several research analyst reports. TD Cowen cut their target price on Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 21st. Piper Sandler cut their target price on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a research report on Wednesday, April 29th. Zacks Research raised Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. Finally, BTIG Research reissued a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $71.33.

Procore Technologies Trading Up 0.1%

NYSE:PCOR opened at $42.40 on Tuesday. The stock's 50 day moving average price is $50.67 and its 200 day moving average price is $59.15. The company has a market capitalization of $6.40 billion, a PE ratio of -83.13 and a beta of 0.73. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52-week low of $40.74 and a 52-week high of $82.32.

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

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