Elwood Capital Partners LP Makes New $2.84 Million Investment in Procore Technologies, Inc. (NYSE:PCOR)

Elwood Capital Partners LP purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 37,843 shares of the company's stock, valued at approximately $2,836,000. Procore Technologies accounts for approximately 2.8% of Elwood Capital Partners LP's investment portfolio, making the stock its 10th biggest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PCOR. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 7.6% in the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock worth $891,692,000 after buying an additional 838,925 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Meritage Group LP lifted its holdings in shares of Procore Technologies by 66.6% in the third 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 in the last quarter. Principal Financial Group Inc. boosted its position in shares of 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 during the last quarter. Finally, Janus Henderson Group PLC grew its stake in Procore Technologies by 128.7% during the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company's stock valued at $142,267,000 after acquiring an additional 1,297,151 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

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Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $73.62, for a total transaction of $377,523.36. Following the transaction, the director now directly owns 1,264,700 shares in the company, valued at approximately $93,107,214. This trade represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 8,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the transaction, the chief financial officer now directly owns 156,188 shares in the company, valued at approximately $13,588,356. The trade was a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,604 shares of company stock valued at $5,427,468 over the last quarter. 29.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Macquarie decreased their target price on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Robert W. Baird increased their target price on Procore Technologies from $87.00 to $96.00 and gave the company an "outperform" rating in a research report on Thursday, December 12th. Piper Sandler raised their target price on shares of Procore Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Stifel Nicolaus upped their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, December 18th. Finally, UBS Group lifted their price objective on shares of Procore Technologies from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Four equities 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $89.65.

Procore Technologies Trading Down 8.0 %

Shares of PCOR traded down $4.95 during trading hours on Friday, reaching $57.11. 2,503,925 shares of the company traded hands, compared to its average volume of 1,714,895. The stock's fifty day moving average price is $74.39 and its 200 day moving average price is $72.33. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of -79.32 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92.

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 (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to analysts' expectations of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. Sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

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.