Zweig DiMenna Associates LLC Sells 57,717 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Zweig DiMenna Associates LLC has reduced its holdings in Procore Technologies by 48.1%, now owning 62,283 shares worth approximately $4.1 million.
• Procore Technologies reported $310.63 million in revenue for the last quarter, exceeding expectations, while earnings per share (EPS) came in at $0.23, above the predicted $0.17.
• Analysts have set a consensus price target of $81.39 for Procore Technologies, with a majority rating it as a "Moderate Buy."

Zweig DiMenna Associates LLC lowered its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 48.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 62,283 shares of the company's stock after selling 57,717 shares during the period. Zweig DiMenna Associates LLC's holdings in Procore Technologies were worth $4,112,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Huntington National Bank increased its position in shares of Procore Technologies by 161.6% in the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after purchasing an additional 404 shares during the period. Aster Capital Management DIFC Ltd increased its position in shares of Procore Technologies by 181.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock worth $63,000 after purchasing an additional 544 shares during the period. Ancora Advisors LLC increased its position in shares of Procore Technologies by 10,625.0% in the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after purchasing an additional 850 shares during the period. Versant Capital Management Inc increased its position in shares of Procore Technologies by 174.2% in the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after purchasing an additional 636 shares during the period. Finally, GeoWealth Management LLC bought a new position in shares of Procore Technologies in the fourth quarter worth $78,000. Institutional investors own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the transaction, the insider owned 3,137,255 shares in the company, valued at $203,168,633.80. This represents a 5.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin C. Singer sold 4,500 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total value of $337,500.00. Following the completion of the transaction, the insider owned 97,557 shares of the company's stock, valued at $7,316,775. This trade represents a 4.41% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 672,447 shares of company stock worth $43,878,843. Company insiders own 29.00% of the company's stock.

Procore Technologies Stock Down 1.2%

Procore Technologies stock traded down $0.93 during trading on Tuesday, hitting $75.72. 503,320 shares of the company were exchanged, compared to its average volume of 1,324,551. The business's 50 day moving average is $69.40 and its 200 day moving average is $70.30. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The company has a market capitalization of $11.29 billion, a P/E ratio of -88.03 and a beta of 0.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The business had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. Procore Technologies's revenue was up 15.3% compared to the same quarter last year. Analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent analyst reports. UBS Group decreased their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Mizuho decreased their target price on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Robert W. Baird lifted their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday. Scotiabank decreased their target price on 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. Finally, Jefferies Financial Group cut their price target on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $80.94.

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.