ShawSpring Partners LLC Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

ShawSpring Partners LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 242,407 shares of the company’s stock, valued at approximately $16,074,000. Procore Technologies makes up about 2.3% of ShawSpring Partners LLC’s holdings, making the stock its 9th largest holding. ShawSpring Partners LLC owned 0.16% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its stake in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares in the last quarter. Rothschild Investment LLC purchased a new position in Procore Technologies during the second quarter worth approximately $51,000. Advisors Asset Management Inc. grew its holdings in Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Procore Technologies by 30.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after buying an additional 297 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock worth $109,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PCOR shares. DA Davidson cut shares of Procore Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the company from $90.00 to $60.00 in a research note on Friday, August 2nd. TD Cowen started coverage on Procore Technologies in a research note on Wednesday, June 12th. They set a “buy” rating and a $85.00 price objective for the company. The Goldman Sachs Group reduced their target price on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a report on Friday, August 2nd. KeyCorp lowered their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, JMP Securities reduced their price objective on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Procore Technologies Price Performance

Shares of PCOR stock opened at $61.63 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The company has a market capitalization of $9.10 billion, a PE ratio of -64.20 and a beta of 0.73. The firm’s 50-day moving average is $59.75 and its two-hundred day moving average is $66.97. Procore Technologies, Inc. has a 12 month low of $48.11 and a 12 month high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.25 by $0.14. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.28) EPS. Analysts predict that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Insider Activity

In related news, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now directly owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Benjamin C. Singer sold 2,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $66.13, for a total transaction of $132,260.00. Following the transaction, the insider now owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the completion of the transaction, the chief executive officer now owns 527,349 shares of the company’s stock, valued at approximately $34,588,820.91. The disclosure for this sale can be found here. Insiders have sold a total of 169,890 shares of company stock valued at $10,540,071 in the last quarter. Insiders own 29.00% of the company’s stock.

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.