Pier Capital LLC Grows Position in Procore Technologies, Inc. $PCOR

Pier Capital LLC lifted its position in Procore Technologies, Inc. (NYSE:PCOR) by 26.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 127,160 shares of the company’s stock after purchasing an additional 26,986 shares during the period. Procore Technologies comprises approximately 1.4% of Pier Capital LLC’s portfolio, making the stock its 16th biggest holding. Pier Capital LLC owned about 0.08% of Procore Technologies worth $9,273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after acquiring an additional 360,207 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Procore Technologies during the third quarter valued at about $1,442,000. Envestnet Asset Management Inc. raised its stake in shares of Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after acquiring an additional 99,706 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Procore Technologies by 17.0% during the second quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after purchasing an additional 44,105 shares during the period. Finally, Stephens Investment Management Group LLC grew its stake in shares of Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock worth $26,627,000 after purchasing an additional 59,923 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of Procore Technologies stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the completion of the transaction, the chairman directly owned 927,580 shares in the company, valued at approximately $53,085,403.40. This trade represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total value of $440,367.00. Following the completion of the sale, the director directly owned 1,004,444 shares in the company, valued at approximately $57,504,419. This represents a 0.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 377,911 shares of company stock worth $25,881,654. Insiders own 21.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PCOR. UBS Group reduced their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Stifel Nicolaus dropped their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Barclays cut their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. Finally, KeyCorp dropped their price target on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.05.

Procore Technologies Price Performance

Shares of PCOR stock opened at $57.04 on Friday. The business’s fifty day moving average is $59.70 and its 200 day moving average is $68.37. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of -85.13 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.