Wasatch Advisors LP Acquires 2,457 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Wasatch Advisors LP increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 78.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,603 shares of the company’s stock after purchasing an additional 2,457 shares during the quarter. Wasatch Advisors LP’s holdings in Procore Technologies were worth $460,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Ellsworth Advisors LLC grew its stake in shares of Procore Technologies by 3.0% during the 4th quarter. Ellsworth Advisors LLC now owns 5,901 shares of the company’s stock worth $408,000 after acquiring an additional 170 shares in the last quarter. Venturi Wealth Management LLC grew its stake in shares of Procore Technologies by 5.7% during the 4th quarter. Venturi Wealth Management LLC now owns 7,557 shares of the company’s stock worth $523,000 after acquiring an additional 408 shares in the last quarter. Richelieu Gestion SA grew its stake in shares of Procore Technologies by 1.6% during the 1st quarter. Richelieu Gestion SA now owns 26,001 shares of the company’s stock worth $2,137,000 after acquiring an additional 408 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Procore Technologies by 14.7% in the 4th quarter. Private Advisor Group LLC now owns 5,015 shares of the company’s stock valued at $347,000 after buying an additional 641 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of Procore Technologies by 10.5% in the 4th quarter. Fifth Third Bancorp now owns 6,900 shares of the company’s stock valued at $478,000 after buying an additional 654 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

Shares of PCOR traded up $1.79 during midday trading on Tuesday, reaching $67.98. 1,135,657 shares of the stock were exchanged, compared to its average volume of 1,324,570. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The company has a market cap of $9.95 billion, a P/E ratio of -70.81 and a beta of 0.75. The stock’s 50 day simple moving average is $67.26 and its 200 day simple moving average is $71.48.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The company had revenue of $269.43 million during the quarter, compared to the consensus estimate of $263.13 million. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.35 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Barclays cut their price objective on Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Mizuho reissued a “neutral” rating and issued a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. BMO Capital Markets reissued an “outperform” rating and issued a $85.00 price objective on shares of Procore Technologies in a report on Tuesday, June 11th. DA Davidson reissued a “buy” rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Thursday, March 14th. Finally, Macquarie assumed coverage on Procore Technologies in a report on Wednesday, June 5th. They issued a “neutral” rating and a $70.00 price objective for the company. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $81.19.

Insider Transactions at Procore Technologies

In related news, insider Steven Scott Davis sold 7,641 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $496,665.00. Following the transaction, the insider now owns 209,837 shares in the company, valued at $13,639,405. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares in the company, valued at $36,557,479.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Scott Davis sold 7,641 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $496,665.00. Following the completion of the transaction, the insider now owns 209,837 shares in the company, valued at approximately $13,639,405. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,964 shares of company stock valued at $16,011,712. 29.00% of the stock is currently owned by corporate insiders.

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.