Cinctive Capital Management LP Buys New Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Cinctive Capital Management LP purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,000 shares of the company's stock, valued at approximately $824,000.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock valued at $891,692,000 after acquiring an additional 838,925 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the period. Meritage Group LP lifted its position in shares of Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock worth $169,453,000 after buying an additional 1,098,019 shares during the period. Principal Financial Group Inc. raised its stake in Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after acquiring an additional 2,670,872 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company's stock valued at $142,267,000 after purchasing an additional 1,297,151 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PCOR. Jefferies Financial Group dropped their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a report on Monday, March 31st. Piper Sandler raised their target price on Procore Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Robert W. Baird upped their price target on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an "outperform" rating in a research report on Thursday, December 12th. JMP Securities raised their price objective on shares of Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research report on Tuesday, February 18th. Finally, Barclays upped their target price on shares of Procore Technologies from $84.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Friday, February 14th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average target price of $89.24.

Insider Activity at Procore Technologies

In other news, CFO Howard Fu sold 1,447 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $68.79, for a total transaction of $99,539.13. Following the completion of the sale, the chief financial officer now owns 144,713 shares of the company's stock, valued at $9,954,807.27. This represents a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the business's stock in a transaction 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 completion of the sale, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. This represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,604 shares of company stock worth $5,427,468 in the last quarter. Corporate insiders own 29.00% of the company's stock.

Procore Technologies Trading Up 13.2 %

NYSE:PCOR traded up $7.44 during mid-day trading on Wednesday, hitting $63.73. The company had a trading volume of 2,619,602 shares, compared to its average volume of 1,725,379. 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 fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a market cap of $9.55 billion, a P/E ratio of -88.51 and a beta of 0.90. The business's fifty day moving average is $72.32 and its two-hundred day moving average is $72.26.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. As a group, research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

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.