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

Wasatch Advisors LP grew its stake in Procore Technologies, Inc. (NYSE:PCOR) by 78.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,603 shares of the company’s stock after acquiring an additional 2,457 shares during the quarter. Wasatch Advisors LP’s holdings in Procore Technologies were worth $460,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 7.8% in the fourth quarter. Vanguard Group Inc. now owns 9,204,957 shares of the company’s stock worth $637,167,000 after purchasing an additional 666,287 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Procore Technologies by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock worth $309,926,000 after purchasing an additional 114,649 shares during the last quarter. Cadian Capital Management LP raised its stake in shares of Procore Technologies by 22.9% in the fourth quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock worth $257,384,000 after purchasing an additional 692,218 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Procore Technologies by 4,290.2% in the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after purchasing an additional 1,303,804 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Procore Technologies in the fourth quarter worth $68,005,000. 81.10% of the stock is owned by institutional investors.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 6,410 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $79.20, for a total transaction of $507,672.00. Following the completion of the transaction, the director now directly owns 1,494,311 shares of the company’s stock, valued at $118,349,431.20. The sale was disclosed in a filing with the SEC, which is available through this link. In other Procore Technologies news, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total transaction of $102,339.82. Following the sale, the chief financial officer now directly owns 192,178 shares in the company, valued at $13,648,481.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Connor Kevin J. O sold 6,410 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $79.20, for a total value of $507,672.00. Following the sale, the director now owns 1,494,311 shares in the company, valued at $118,349,431.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 233,964 shares of company stock valued at $16,011,712. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR traded up $1.79 during mid-day trading on Tuesday, reaching $67.98. The company’s stock had a trading volume of 1,135,657 shares, compared to its average volume of 1,324,570. The firm has a market capitalization of $9.95 billion, a PE ratio of -70.81 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. The stock has a fifty day moving average of $67.26 and a two-hundred day moving average of $71.48. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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. The firm had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on PCOR shares. DA Davidson reiterated a “buy” rating and set a $95.00 price objective on shares of Procore Technologies in a research report on Thursday, March 14th. Macquarie started coverage on Procore Technologies in a research report on Wednesday, June 5th. They set a “neutral” rating and a $70.00 price objective for the company. BMO Capital Markets reiterated an “outperform” rating and set a $85.00 price objective on shares of Procore Technologies in a research report on Tuesday, June 11th. TD Cowen started coverage on Procore Technologies in a research report on Wednesday, June 12th. They set a “buy” rating and a $85.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $81.19.

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.