ShawSpring Partners LLC Has $88.76 Million Position in Procore Technologies, Inc. (NYSE:PCOR)

ShawSpring Partners LLC boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 493.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,438,082 shares of the company’s stock after acquiring an additional 1,195,675 shares during the quarter. Procore Technologies accounts for about 11.2% of ShawSpring Partners LLC’s portfolio, making the stock its 4th largest position. ShawSpring Partners LLC’s holdings in Procore Technologies were worth $88,758,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PCOR. CIBC Asset Management Inc boosted its holdings in shares of Procore Technologies by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock worth $259,000 after buying an additional 143 shares in the last quarter. Tanager Wealth Management LLP increased its holdings in shares of Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after acquiring an additional 150 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares in the last quarter. Taylor Frigon Capital Management LLC lifted its holdings in shares of Procore Technologies by 0.3% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after purchasing an additional 180 shares in the last quarter. Finally, Signaturefd LLC grew its position in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares during the period. Institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PCOR shares. JMP Securities lowered their price objective on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a report on Thursday, October 31st. Macquarie reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. Piper Sandler boosted their price objective on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Barclays lifted their target price on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Up 0.1 %

Shares of PCOR stock opened at $80.28 on Wednesday. The firm’s 50 day moving average is $64.64 and its 200 day moving average is $64.00. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $83.35. 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) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, research analysts expect that Procore Technologies, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 7,809 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $557,250.24. Following the sale, the chief financial officer now directly owns 164,188 shares of the company’s stock, valued at $11,716,455.68. This trade represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $190,388.48. Following the completion of the transaction, the senior vice president now directly owns 72,605 shares of the company’s stock, valued at approximately $5,181,092.80. This represents a 3.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,053 shares of company stock valued at $7,426,909. 29.00% of the stock is currently owned by company insiders.

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.