Procore Technologies, Inc. (NYSE:PCOR) Stake Lessened by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 39.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,622 shares of the company's stock after selling 37,809 shares during the period. Fred Alger Management LLC's holdings in Procore Technologies were worth $3,618,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of PCOR. Park Avenue Securities LLC raised its holdings in Procore Technologies by 16.9% in the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company's stock valued at $580,000 after acquiring an additional 1,266 shares during the last quarter. M&G Plc raised its holdings in Procore Technologies by 12.4% in the 2nd quarter. M&G Plc now owns 120,626 shares of the company's stock valued at $7,961,000 after acquiring an additional 13,334 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in Procore Technologies by 39.2% in the 3rd quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company's stock valued at $59,635,000 after acquiring an additional 272,030 shares during the last quarter. Advantage Alpha Capital Partners LP raised its holdings in Procore Technologies by 30.2% in the 3rd quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company's stock valued at $7,825,000 after acquiring an additional 29,431 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Procore Technologies by 118.0% in the 2nd quarter. SG Americas Securities LLC now owns 17,466 shares of the company's stock valued at $1,158,000 after acquiring an additional 9,454 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Down 0.3 %

Shares of Procore Technologies stock traded down $0.25 during trading on Friday, reaching $81.20. The company had a trading volume of 1,029,071 shares, compared to its average volume of 2,194,650. The company has a market cap of $12.07 billion, a price-to-earnings ratio of -162.40 and a beta of 0.71. The firm's fifty day moving average is $66.45 and its 200-day moving average is $64.40. 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 fifty-two week low of $49.46 and a fifty-two week high of $83.35.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, analysts anticipate that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PCOR. Jefferies Financial Group boosted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, November 18th. Baird R W raised shares of Procore Technologies to a "strong-buy" rating in a research report on Tuesday, September 24th. Scotiabank upped their price target on shares of Procore Technologies from $70.00 to $85.00 and gave the stock a "sector outperform" rating in a research report on Friday, November 22nd. Stifel Nicolaus upped their price target on shares of Procore Technologies from $70.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, November 22nd. Finally, JMP Securities decreased their price objective on shares of Procore Technologies from $82.00 to $75.00 and set a "market outperform" rating for the company in a research report on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $79.25.

Insider Buying and Selling

In other Procore Technologies news, CFO Howard Fu sold 1,500 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the completion of the transaction, the chief financial officer now owns 171,997 shares in the company, valued at approximately $12,340,784.75. This represents a 0.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now owns 770,458 shares of the company's stock, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,553 shares of company stock worth $7,933,974 over the last quarter. 29.00% of the stock is owned by company insiders.

About Procore Technologies

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.