Zweig DiMenna Associates LLC Invests $6 Million in Procore Technologies, Inc. (NYSE:PCOR)

Zweig DiMenna Associates LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 97,200 shares of the company’s stock, valued at approximately $5,999,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock worth $764,111,000 after buying an additional 94,190 shares in the last quarter. XN LP grew its holdings in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares during the period. Dragoneer Investment Group LLC raised its position in Procore Technologies by 254.0% in the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Procore Technologies in the third quarter valued at $88,572,000. Finally, Robeco Schweiz AG boosted its position in shares of Procore Technologies by 20.1% during the 2nd quarter. Robeco Schweiz AG now owns 1,315,000 shares of the company’s stock worth $87,198,000 after purchasing an additional 220,000 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Up 2.4 %

PCOR stock opened at $63.12 on Friday. The company has a 50 day moving average price of $59.56 and a two-hundred day moving average price of $64.38. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market capitalization of $9.32 billion, a P/E ratio of -100.19 and a beta of 0.73. Procore Technologies, Inc. has a one year low of $48.11 and a one year high of $83.35.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.25 by $0.14. The firm had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The business’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) earnings per share. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $62.88, for a total transaction of $322,448.64. Following the completion of the transaction, the director now owns 1,345,464 shares of the company’s stock, valued at approximately $84,602,776.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $62.88, for a total transaction of $322,448.64. Following the completion of the sale, the director now directly owns 1,345,464 shares in the company, valued at $84,602,776.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 3,846 shares of Procore Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $53.84, for a total value of $207,068.64. Following the completion of the transaction, the director now directly owns 1,436,621 shares in the company, valued at $77,347,674.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,748 shares of company stock valued at $5,661,056. Insiders own 29.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Robert W. Baird started coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target for the company. The Goldman Sachs Group decreased their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. KeyCorp dropped their price objective on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Six 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.13.

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.