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

Cadian Capital Management LP cut its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 65.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 967,634 shares of the company's stock after selling 1,854,076 shares during the period. Procore Technologies makes up 4.2% of Cadian Capital Management LP's portfolio, making the stock its 10th largest holding. Cadian Capital Management LP owned about 0.65% of Procore Technologies worth $72,505,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its stake in shares of Procore Technologies by 92.1% during the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $27,000 after purchasing an additional 175 shares during the period. Parkside Financial Bank & Trust boosted its position in Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock valued at $29,000 after buying an additional 147 shares during the period. V Square Quantitative Management LLC grew its stake in Procore Technologies by 37.8% in the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock worth $44,000 after acquiring an additional 162 shares in the last quarter. Huntington National Bank increased its position in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after acquiring an additional 404 shares during the period. Finally, Hilltop National Bank bought a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $53,000. 81.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the sale, the insider now owns 200 shares in the company, valued at $17,480. This represents a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the transaction, the executive now directly owns 161,368 shares of the company's stock, valued at $13,380,634.56. This represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,142 shares of company stock valued at $4,053,807 over the last ninety days. 29.00% of the stock is currently owned by insiders.

Procore Technologies Stock Down 1.2 %

NYSE:PCOR traded down $0.78 during mid-day trading on Friday, hitting $65.62. 1,051,932 shares of the company's stock traded hands, compared to its average volume of 1,715,558. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market capitalization of $9.79 billion, a P/E ratio of -91.14 and a beta of 0.90. The company has a fifty day moving average of $64.84 and a 200 day moving average of $72.37. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92.

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. The firm 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%. Procore Technologies's revenue was up 15.3% on a year-over-year basis. During the same period last year, the firm posted $0.30 EPS. On average, analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Upgrades and Downgrades

PCOR has been the topic of several research analyst reports. JMP Securities increased their price objective on Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a research note on Tuesday, February 18th. DA Davidson cut their price target on Procore Technologies from $80.00 to $60.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Piper Sandler lowered their price objective on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their target price on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Finally, Macquarie reduced their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently 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.