ShawSpring Partners Reduces Stake in Procore Technologies by 31%

ShawSpring Partners LLC has reduced its holdings in Procore Technologies, Inc. (NYSE: PCOR) by 31%, selling 483,700 shares during the third quarter of 2023. The institutional investor now owns 1,077,913 shares, which represents approximately 11.7% of ShawSpring’s total portfolio, making Procore Technologies its third-largest investment. As of the end of the most recent reporting period, these shares were valued at roughly $78.6 million.

Several other hedge funds have also adjusted their positions in Procore Technologies. Global Retirement Partners LLC significantly increased its stake by 465.2% in the same quarter, now holding 390 shares valued at $28,000 after acquiring an additional 321 shares. Wilmington Savings Fund Society FSB established a new position worth approximately $34,000, while Jones Financial Companies Lllp raised its stake by 70.8%, now owning 480 shares valued at $35,000. Other notable acquisitions included First Horizon Corp and Atlantic Union Bankshares Corp, with investments of about $49,000 and $57,000, respectively. Overall, institutional investors and hedge funds now control 81.1% of Procore Technologies’ stock.

Insider Transactions Highlight Market Activity

In related news, Procore Technologies has seen notable insider trading activities. On March 10, 2023, Director Connor Kevin J. O sold 7,692 shares at an average price of $57.25, totaling $440,367. Following this transaction, he retains 1,004,444 shares valued at approximately $57.5 million, reflecting a 0.76% decrease in his holdings.

Additionally, Chief Financial Officer Howard Fu sold 814 shares on January 2, 2023, for $59,413.86, which represented a 0.45% reduction in his position, leaving him with 178,237 shares valued at around $13 million. Over the past ninety days, insiders have sold a total of 377,911 shares for approximately $25.9 million, with insiders currently owning 21.5% of Procore’s stock.

Procore Technologies Reports Earnings Growth

Procore Technologies recently announced its quarterly earnings, revealing a 15.6% increase in revenue compared to the previous year. For the quarter ending February 12, 2023, the company reported earnings of $0.37 per share, exceeding analysts’ expectations of $0.35. Revenue reached $349.11 million, surpassing forecasts of $340.80 million. Despite these positive developments, Procore recorded a negative net margin of 7.62% and a negative return on equity of 3.96%.

Looking ahead, analysts project that Procore Technologies will post an earnings per share of -0.15 for the current fiscal year.

Wall Street analysts remain optimistic about the stock, with 17 analysts rating it as a Buy, three issuing a Hold rating, and two assigning a Sell rating. The consensus price target stands at $77.05, reflecting a generally favorable outlook for the company.

Procore Technologies operates a cloud-based construction management platform, facilitating collaboration among owners, contractors, architects, and engineers on various construction projects. Its services encompass preconstruction planning and project execution, enhancing real-time collaboration and regulatory compliance.

For those interested in tracking further developments regarding Procore Technologies and its investors, more information can be found on financial news platforms and analysis websites.