Jacobs Levy Equity Management Inc. Cuts Position in Procore Technologies, Inc. (NYSE:PCOR)

Jacobs Levy Equity Management Inc. trimmed its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 23.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,012,736 shares of the company's stock after selling 317,850 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.68% of Procore Technologies worth $75,884,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PCOR. Parkside Financial Bank & Trust lifted its stake in Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock worth $29,000 after acquiring an additional 147 shares during the last quarter. V Square Quantitative Management LLC boosted its stake in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock worth $44,000 after purchasing an additional 162 shares during the period. Huntington National Bank grew its position in Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after purchasing an additional 404 shares during the last quarter. Hilltop National Bank acquired a new position in Procore Technologies in the 4th quarter valued at about $53,000. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Procore Technologies by 1,434.0% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company's stock valued at $54,000 after purchasing an additional 674 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Performance

PCOR stock opened at $65.62 on Friday. The company has a 50 day moving average price of $64.84 and a 200 day moving average price of $72.37. The stock has a market capitalization of $9.79 billion, a PE ratio of -91.14 and a beta of 0.90. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

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, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm's revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. Analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PCOR. Stifel Nicolaus decreased their price target on Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. BMO Capital Markets reduced their target price on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Scotiabank reduced 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. UBS Group dropped their price objective on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, Piper Sandler cut their target price on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $80.24.

Insider Transactions at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 1,190 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.00, for a total value of $79,730.00. Following the sale, the chief financial officer now owns 146,160 shares in the company, valued at $9,792,720. This represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,142 shares of company stock worth $4,053,807 in the last ninety days. Insiders own 29.00% of the company's stock.

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.

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