Champlain Investment Partners LLC Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Champlain Investment Partners LLC acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,411,280 shares of the company's stock, valued at approximately $105,747,000. Champlain Investment Partners LLC owned 0.95% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board grew its position in shares of Procore Technologies by 5.6% during the fourth quarter. Canada Pension Plan Investment Board now owns 117,100 shares of the company's stock worth $8,774,000 after buying an additional 6,200 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 28.8% in the fourth quarter. Wasatch Advisors LP now owns 2,036,632 shares of the company's stock valued at $152,605,000 after buying an additional 455,314 shares during the last quarter. Mariner LLC lifted its stake in shares of Procore Technologies by 0.3% in the 4th quarter. Mariner LLC now owns 148,258 shares of the company's stock worth $11,109,000 after acquiring an additional 434 shares during the period. Advisors Capital Management LLC boosted its holdings in shares of Procore Technologies by 1.3% in the fourth quarter. Advisors Capital Management LLC now owns 143,779 shares of the company's stock valued at $10,773,000 after acquiring an additional 1,825 shares in the last quarter. Finally, Townsquare Capital LLC raised its holdings in Procore Technologies by 9.8% during the fourth quarter. Townsquare Capital LLC now owns 14,138 shares of the company's stock worth $1,059,000 after purchasing an additional 1,256 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insiders Place Their Bets

In related news, CFO Howard Fu sold 8,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total value of $696,000.00. Following the transaction, the chief financial officer now 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the transaction, the insider now directly owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,982 shares of company stock worth $5,069,759. 29.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. DA Davidson reduced their price target on Procore Technologies from $80.00 to $60.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Barclays decreased their target price on shares of Procore Technologies from $90.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Piper Sandler upped their target price on Procore Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $86.88.

Procore Technologies Price Performance

Shares of Procore Technologies stock traded down $1.50 during trading on Friday, hitting $58.37. The stock had a trading volume of 1,030,883 shares, compared to its average volume of 1,733,708. The business has a fifty day moving average of $69.99 and a two-hundred day moving average of $72.21. The firm has a market cap of $8.75 billion, a P/E ratio of -81.06 and a beta of 0.90. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data 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 company had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.