Proficio Capital Partners LLC Takes $831,000 Position in Procore Technologies, Inc. (NYSE:PCOR)

Proficio Capital Partners LLC purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,090 shares of the company's stock, valued at approximately $831,000.

Other hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 99.4% during the 4th 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. Meritage Group LP increased its holdings in Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock valued at $169,453,000 after buying an additional 1,098,019 shares during the last quarter. Principal Financial Group Inc. raised its position in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after acquiring an additional 2,670,872 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company's stock worth $142,267,000 after acquiring an additional 1,297,151 shares during the last quarter. Finally, Holocene Advisors LP grew its position in shares of Procore Technologies by 1.1% during the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company's stock valued at $115,623,000 after acquiring an additional 21,234 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Procore Technologies Trading Up 4.2 %

PCOR stock traded up $2.72 during midday trading on Wednesday, reaching $67.93. 1,842,049 shares of the company traded hands, compared to its average volume of 1,434,425. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of -94.35 and a beta of 0.85. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The business has a 50 day moving average of $77.57 and a 200-day moving average of $71.09. 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 (NYSE:PCOR - Get Free Report) last released its quarterly 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). The company had revenue of $302.05 million for the quarter, compared to analysts' expectations of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, CFO Howard Fu sold 2,642 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $77.05, for a total value of $203,566.10. Following the sale, the chief financial officer now owns 147,350 shares in the company, valued at $11,353,317.50. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Lawrence Joseph Stack sold 12,000 shares of Procore Technologies stock in a transaction on Friday, February 21st. The stock was sold at an average price of $82.92, for a total value of $995,040.00. Following the sale, the executive now owns 161,368 shares of the company's stock, valued at approximately $13,380,634.56. This trade represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,621 shares of company stock valued at $5,193,578. Company insiders own 29.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PCOR. Mizuho upped their price target on Procore Technologies from $65.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, December 13th. JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an "overweight" rating in a report on Monday, December 9th. The Goldman Sachs Group upped their price target on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, November 22nd. Jefferies Financial Group upgraded shares of Procore Technologies from a "hold" rating to a "buy" rating and raised their price objective for the company from $80.00 to $100.00 in a research report on Monday, January 6th. Finally, JMP Securities lifted their target price on shares of Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research note on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.94.

Procore Technologies Company 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.