Hsbc Holdings PLC Lowers Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Hsbc Holdings PLC cut its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 89.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,396 shares of the company's stock after selling 359,729 shares during the quarter. Hsbc Holdings PLC's holdings in Procore Technologies were worth $3,031,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Chicago Partners Investment Group LLC grew its stake in shares of Procore Technologies by 0.8% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company's stock worth $1,199,000 after acquiring an additional 129 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock worth $29,000 after purchasing an additional 147 shares in the last quarter. V Square Quantitative Management LLC grew its position 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 last quarter. Versant Capital Management Inc increased its stake in Procore Technologies by 92.1% during the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $27,000 after purchasing an additional 175 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Procore Technologies by 15.1% in the fourth quarter. Covestor Ltd now owns 1,571 shares of the company's stock worth $118,000 after buying an additional 206 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other 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 dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the sale, the insider now directly owns 200 shares of the company's stock, valued at $17,480. This represents a 84.30 % 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, Director Connor Kevin J. O sold 6,410 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $77.33, for a total transaction of $495,685.30. Following the transaction, the director now owns 1,244,188 shares in the company, valued at approximately $96,213,058.04. This trade represents a 0.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,962 shares of company stock valued at $5,041,588 in the last quarter. Insiders own 29.00% of the company's stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded up $1.74 during midday trading on Friday, reaching $64.95. 1,948,555 shares of the company's stock traded hands, compared to its average volume of 1,717,698. The company has a market cap of $9.69 billion, a P/E ratio of -90.21 and a beta of 0.90. The company has a fifty day simple moving average of $65.91 and a two-hundred day simple moving average of $72.29. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) 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 business had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. Equities analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the topic of several research reports. UBS Group cut their target price 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. JMP Securities raised 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. Scotiabank decreased their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. cut their price target 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, Barclays lifted their price objective on shares of Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research note on Friday. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $80.24.

Procore Technologies Company 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.