Syon Capital LLC Takes $322,000 Position in Procore Technologies, Inc. (NYSE:PCOR)

Syon Capital LLC bought a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,648 shares of the company’s stock, valued at approximately $322,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. New York State Common Retirement Fund boosted its stake in shares of Procore Technologies by 11.6% in the 4th quarter. New York State Common Retirement Fund now owns 183,528 shares of the company’s stock valued at $12,704,000 after purchasing an additional 19,089 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Procore Technologies by 0.6% in the 4th quarter. California Public Employees Retirement System now owns 140,164 shares of the company’s stock valued at $9,702,000 after purchasing an additional 838 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Procore Technologies by 722.9% in the 4th quarter. Jennison Associates LLC now owns 586,523 shares of the company’s stock valued at $40,599,000 after purchasing an additional 515,245 shares in the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in shares of Procore Technologies by 327.6% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 96,200 shares of the company’s stock valued at $6,659,000 after purchasing an additional 73,700 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Procore Technologies by 13.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,584 shares of the company’s stock valued at $1,286,000 after purchasing an additional 2,159 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR opened at $70.09 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a 50 day simple moving average of $76.82 and a 200 day simple moving average of $68.90. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35. The firm has a market capitalization of $10.16 billion, a PE ratio of -52.70 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. The firm had revenue of $260.04 million during the quarter, compared to the consensus estimate of $248.20 million. Sell-side analysts predict that Procore Technologies, Inc. will post -0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. JMP Securities upped their price target on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research report on Friday, February 16th. Piper Sandler upped their price target on shares of Procore Technologies from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. KeyCorp upped their price target on shares of Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. The Goldman Sachs Group upped their price target on shares of Procore Technologies from $74.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, DA Davidson reiterated a “buy” rating and set a $95.00 price target on shares of Procore Technologies in a research report on Thursday, March 14th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.86.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 1,441 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the sale, the chief financial officer now owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP William Fred Fleming, Jr. sold 6,041 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $446,429.90. Following the sale, the senior vice president now owns 77,768 shares in the company, valued at approximately $5,747,055.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 1,441 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the sale, the chief financial officer now owns 192,178 shares in the company, valued at approximately $13,648,481.56. The disclosure for this sale can be found here. Insiders sold a total of 467,672 shares of company stock valued at $36,612,454 in the last quarter. 39.20% of the stock is currently owned by insiders.

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.