Dark Forest Capital Management LP Reduces Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Dark Forest Capital Management LP lessened its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 70.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,096 shares of the company's stock after selling 7,240 shares during the quarter. Dark Forest Capital Management LP's holdings in Procore Technologies were worth $232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. Manchester Global Management UK Ltd increased its holdings in shares of Procore Technologies by 22.3% in the 4th quarter. Manchester Global Management UK Ltd now owns 431,603 shares of the company's stock valued at $32,340,000 after purchasing an additional 78,783 shares in the last quarter. Stifel Financial Corp grew its position in Procore Technologies by 8.9% during the fourth quarter. Stifel Financial Corp now owns 128,938 shares of the company's stock worth $9,661,000 after buying an additional 10,491 shares during the period. OneDigital Investment Advisors LLC lifted its position in shares of Procore Technologies by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company's stock valued at $407,000 after acquiring an additional 225 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of Procore Technologies during the 4th quarter valued at approximately $738,000. Finally, TFJ Management LLC purchased a new stake in shares of Procore Technologies during the 4th quarter worth approximately $5,265,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the 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 sale, the insider now owns 200 shares of the company's stock, valued at approximately $17,480. This represents a 84.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 7,700 shares of Procore Technologies stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the transaction, the director now directly owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,962 shares of company stock worth $5,041,588. 29.00% of the stock is owned by insiders.

Procore Technologies Trading Up 2.8 %

Shares of NYSE PCOR traded up $1.74 on Friday, reaching $64.95. 1,948,555 shares of the company traded hands, compared to its average volume of 1,717,698. The company has a 50 day moving average of $65.91 and a 200 day moving average of $72.29. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The stock has a market capitalization of $9.69 billion, a PE ratio of -90.21 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. During the same quarter last year, the firm posted $0.30 earnings per share. Procore Technologies's revenue was up 15.3% on a year-over-year basis. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Canaccord Genuity Group raised their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Mizuho cut their price target on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Piper Sandler lowered their price objective 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. Barclays lifted 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. Finally, DA Davidson lowered their price target on shares of Procore Technologies from $80.00 to $60.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $80.24.

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.