Frontier Capital Management Co. LLC Acquires Shares of 271,856 Procore Technologies, Inc. (NYSE:PCOR)

Frontier Capital Management Co. LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 271,856 shares of the company's stock, valued at approximately $20,370,000. Frontier Capital Management Co. LLC owned approximately 0.18% of Procore Technologies as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Circle Wealth Management LLC increased its stake in shares of Procore Technologies by 21.8% in the fourth quarter. Circle Wealth Management LLC now owns 6,810 shares of the company's stock worth $510,000 after purchasing an additional 1,219 shares in the last quarter. Durable Capital Partners LP bought a new stake in Procore Technologies during the fourth quarter valued at about $33,726,000. Concentric Capital Strategies LP purchased a new position in shares of Procore Technologies in the fourth quarter valued at about $5,750,000. Cetera Investment Advisers boosted its stake in shares of Procore Technologies by 497.0% in the fourth quarter. Cetera Investment Advisers now owns 34,871 shares of the company's stock worth $2,613,000 after acquiring an additional 29,030 shares during the period. Finally, Captrust Financial Advisors purchased a new stake in shares of Procore Technologies during the fourth quarter worth about $224,000. 81.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the sale, the insider now owns 200 shares of the company's stock, valued at approximately $17,480. This trade represents a 84.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 8,000 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the transaction, the chief financial officer now owns 156,188 shares in the company, valued at approximately $13,588,356. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,142 shares of company stock valued at $4,119,407. 29.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Canaccord Genuity Group upped their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. BMO Capital Markets cut their target price on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. JMP Securities boosted their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a research note on Tuesday, February 18th. Mizuho reduced their target price on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Macquarie decreased their target price on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Four 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 company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $80.24.

Procore Technologies Trading Down 1.1%

Shares of Procore Technologies stock traded down $0.80 during trading on Wednesday, hitting $71.60. The stock had a trading volume of 479,674 shares, compared to its average volume of 1,716,124. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. 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's fifty day simple moving average is $64.75 and its 200-day simple moving average is $72.50. The stock has a market cap of $10.68 billion, a PE ratio of -99.44 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

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.