Manchester Global Management UK Ltd Boosts Position in Procore Technologies, Inc. (NYSE:PCOR)

Manchester Global Management UK Ltd boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 22.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 431,603 shares of the company's stock after purchasing an additional 78,783 shares during the period. Procore Technologies makes up approximately 4.3% of Manchester Global Management UK Ltd's portfolio, making the stock its 9th biggest holding. Manchester Global Management UK Ltd owned 0.29% of Procore Technologies worth $32,340,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its position in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock valued at $200,810,000 after acquiring an additional 2,670,872 shares during the last quarter. Capital World Investors grew its position in Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after acquiring an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP purchased a new position in Procore Technologies in the 4th quarter valued at approximately $131,840,000. Assenagon Asset Management S.A. boosted its holdings in Procore Technologies by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the period. Finally, Champlain Investment Partners LLC purchased a new position in shares of Procore Technologies in the 4th quarter valued at about $105,747,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Price Performance

Shares of NYSE PCOR traded up $0.81 during mid-day trading on Friday, reaching $63.80. 1,082,207 shares of the company traded hands, compared to its average volume of 1,736,585. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market cap of $9.57 billion, a PE ratio of -88.61 and a beta of 0.90. The stock has a fifty day simple moving average of $67.74 and a 200-day simple moving average of $72.15. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts' consensus estimates of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to analysts' expectations of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business'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 completion of the sale, the insider now directly owns 200 shares of the company's stock, valued at $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $82.92, for a total value of $995,040.00. Following the completion of the sale, the executive now owns 161,368 shares of the company's stock, valued at $13,380,634.56. This represents a 6.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,482 shares of company stock valued at $4,952,759. 29.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PCOR. JPMorgan Chase & Co. lowered their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Canaccord Genuity Group upped their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Macquarie dropped their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Scotiabank reduced their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a report on Thursday. Finally, Piper Sandler lowered their price target on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.18.

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.