Tenere Capital LLC Makes New $5.16 Million Investment in Procore Technologies, Inc. (NYSE:PCOR)

Tenere Capital LLC purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 68,900 shares of the company's stock, valued at approximately $5,163,000. Procore Technologies comprises 1.4% of Tenere Capital LLC's portfolio, making the stock its 23rd largest position.

Several other large investors have also recently made changes to their positions in the business. 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 raised its holdings in Procore Technologies by 61.3% during 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 last quarter. V Square Quantitative Management LLC boosted 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 valued at $44,000 after buying an additional 162 shares during the period. Huntington National Bank grew its holdings in Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after acquiring an additional 404 shares during the last quarter. Finally, Hilltop National Bank purchased a new position in shares of Procore Technologies in the fourth quarter valued at about $53,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Down 1.4 %

Shares of PCOR traded down $0.87 on Monday, hitting $62.87. 416,609 shares of the stock traded hands, compared to its average volume of 1,733,386. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The company has a market capitalization of $9.43 billion, a PE ratio of -87.32 and a beta of 0.90. The business has a 50 day simple moving average of $67.74 and a 200 day simple moving average of $72.31. 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 (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. As a group, equities analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benjamin C. Singer sold 6,937 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the sale, the insider now owns 72,110 shares of the company's stock, valued at $6,028,396. This represents a 8.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $82.92, for a total transaction of $995,040.00. Following the sale, the executive now owns 161,368 shares of the company's stock, valued at $13,380,634.56. This trade represents a 6.92 % 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 90 days. 29.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PCOR. 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 note on Thursday. Canaccord Genuity Group boosted their target price on Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, February 14th. JPMorgan Chase & Co. decreased their target price on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Barclays cut their price target on shares of Procore Technologies from $90.00 to $70.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. Finally, Piper Sandler decreased their price objective on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $81.18.

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.