Arrowstreet Capital Limited Partnership Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Arrowstreet Capital Limited Partnership acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 723,841 shares of the company's stock, valued at approximately $54,237,000. Arrowstreet Capital Limited Partnership owned approximately 0.49% of Procore Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PCOR. Diversified Trust Co lifted its holdings in Procore Technologies by 157.1% during the 4th quarter. Diversified Trust Co now owns 50,649 shares of the company's stock valued at $3,795,000 after purchasing an additional 30,948 shares during the last quarter. US Bancorp DE raised its position in shares of Procore Technologies by 18.8% in the fourth quarter. US Bancorp DE now owns 21,416 shares of the company's stock valued at $1,605,000 after purchasing an additional 3,390 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Procore Technologies during the 4th quarter worth about $20,729,000. Barclays PLC boosted its holdings in shares of Procore Technologies by 49.1% during the 3rd quarter. Barclays PLC now owns 69,012 shares of the company's stock worth $4,259,000 after buying an additional 22,734 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Procore Technologies during the 4th quarter worth about $56,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Price Performance

Shares of NYSE PCOR traded down $4.95 during trading hours on Friday, hitting $57.11. 2,503,925 shares of the stock were exchanged, compared to its average volume of 1,714,895. The company's fifty day simple moving average is $74.39 and its two-hundred day simple moving average is $72.44. The company has a market cap of $8.56 billion, a PE ratio of -79.32 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92.

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Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. On average, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PCOR shares. Jefferies Financial Group cut their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Barclays lifted their price target on Procore Technologies from $84.00 to $90.00 and gave the stock an "equal weight" rating in a report on Friday, February 14th. Robert W. Baird upped their price objective on Procore Technologies from $87.00 to $96.00 and gave the company an "outperform" rating in a report on Thursday, December 12th. KeyCorp increased their price objective on Procore Technologies from $85.00 to $96.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Finally, Canaccord Genuity Group boosted their target price on shares of Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $89.65.

Insider Activity at Procore Technologies

In other news, CFO Howard Fu sold 8,000 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the transaction, the chief financial officer now directly owns 156,188 shares in the company, valued at approximately $13,588,356. This represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $82.92, for a total value of $995,040.00. Following the sale, the executive now directly owns 161,368 shares in the company, valued at approximately $13,380,634.56. This trade represents a 6.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,604 shares of company stock valued at $5,427,468 over the last ninety days. 29.00% of the stock is 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.