Tenere Capital LLC Takes $5.16 Million Position in Procore Technologies, Inc. (NYSE:PCOR)

Tenere Capital LLC acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 68,900 shares of the company's stock, valued at approximately $5,163,000. Procore Technologies accounts for 1.4% of Tenere Capital LLC's portfolio, making the stock its 23rd largest position.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings 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 valued at $891,692,000 after purchasing an additional 838,925 shares during the last quarter. Capital World Investors grew its position in Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in 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 buying an additional 1,425,967 shares during the last quarter. Principal Financial Group Inc. lifted its position in Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Finally, FIL Ltd boosted its stake in shares of Procore Technologies by 4.0% during the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company's stock worth $162,746,000 after buying an additional 84,216 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Insider Activity at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 1,216 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $61.34, for a total transaction of $74,589.44. Following the completion of the sale, the chief financial officer now directly owns 208,184 shares in the company, valued at $12,770,006.56. This represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,482 shares of company stock valued at $4,952,759 over the last quarter. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Price Performance

NYSE:PCOR opened at $57.21 on Wednesday. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm's 50-day simple moving average is $69.27 and its 200 day simple moving average is $72.17. The firm has a market cap of $8.58 billion, a price-to-earnings ratio of -79.46 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results 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 the consensus estimate of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PCOR. KeyCorp lowered their target price on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a research report on Monday. JMP Securities boosted their price target on Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. cut their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. UBS Group boosted their target price on shares of Procore Technologies from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, BMO Capital Markets dropped their price target on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $85.18.

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.

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