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

Stockbridge Partners LLC bought a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 486,794 shares of the company's stock, valued at approximately $30,045,000. Procore Technologies comprises about 0.6% of Stockbridge Partners LLC's portfolio, making the stock its 13th biggest position. Stockbridge Partners LLC owned 0.33% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its stake in shares of Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company's stock worth $103,000 after acquiring an additional 260 shares in the last quarter. California State Teachers Retirement System lifted its stake in Procore Technologies by 3.0% in the first quarter. California State Teachers Retirement System now owns 91,995 shares of the company's stock worth $7,559,000 after purchasing an additional 2,690 shares during the last quarter. Tidal Investments LLC purchased a new stake in Procore Technologies during the first quarter valued at about $248,000. Comerica Bank grew its stake in shares of Procore Technologies by 3.2% during the first quarter. Comerica Bank now owns 53,227 shares of the company's stock valued at $4,374,000 after buying an additional 1,663 shares during the last quarter. Finally, Burney Co. purchased a new position in shares of Procore Technologies in the first quarter worth about $1,371,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In other news, Director Kathryn Bueker sold 6,500 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $78.01, for a total value of $507,065.00. Following the sale, the director now directly owns 23,932 shares of the company's stock, valued at approximately $1,866,935.32. This represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of Procore Technologies stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of the transaction, the chief executive officer now directly owns 770,458 shares of the company's stock, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,553 shares of company stock valued at $7,933,974 in the last three months. 29.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Procore Technologies Stock Down 0.3 %

Shares of PCOR stock traded down $0.26 during midday trading on Friday, reaching $81.19. 1,029,071 shares of the stock were exchanged, compared to its average volume of 1,608,447. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $83.35. The firm has a market cap of $12.07 billion, a PE ratio of -162.40 and a beta of 0.71. The company's 50 day moving average is $66.01 and its two-hundred day moving average is $64.33. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

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