Durable Capital Partners LP Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Durable Capital Partners LP bought a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 450,100 shares of the company's stock, valued at approximately $33,726,000. Durable Capital Partners LP owned about 0.30% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock worth $29,000 after acquiring an additional 147 shares in the last quarter. V Square Quantitative Management LLC grew its stake in shares of Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock worth $44,000 after acquiring an additional 162 shares in the last quarter. Huntington National Bank grew its stake in shares of Procore Technologies by 161.6% in the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after acquiring an additional 404 shares in the last quarter. Finally, Hilltop National Bank acquired a new position in shares of Procore Technologies in the fourth quarter worth $53,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were 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 directly owns 200 shares of the company's stock, valued at approximately $17,480. This represents a 84.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin C. Singer sold 6,937 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the sale, the insider now directly owns 72,110 shares of the company's stock, valued at $6,028,396. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,142 shares of company stock valued at $4,053,807 over the last ninety days. Insiders own 29.00% of the company's stock.

Procore Technologies Stock Performance

PCOR traded up $6.25 on Monday, reaching $71.88. The company had a trading volume of 1,146,782 shares, compared to its average volume of 1,713,524. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The stock has a market capitalization of $10.72 billion, a PE ratio of -99.71 and a beta of 0.90. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a 50-day moving average price of $64.84 and a 200-day moving average price of $72.43.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on PCOR shares. Canaccord Genuity Group boosted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Jefferies Financial Group dropped their price target on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Monday, March 31st. UBS Group dropped their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. 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. Finally, BMO Capital Markets dropped their price target 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. Four 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $80.24.

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.