Durable Capital Partners LP Purchases Shares of 450,100 Procore Technologies, Inc. (NYSE:PCOR)

Durable Capital Partners LP purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 450,100 shares of the company's stock, valued at approximately $33,726,000. Durable Capital Partners LP owned approximately 0.30% of Procore Technologies at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PCOR. Vanguard Group Inc. raised its holdings in Procore Technologies by 7.6% during the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock worth $891,692,000 after acquiring an additional 838,925 shares in the last quarter. Capital World Investors raised its stake in shares of Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 99.4% in 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 buying an additional 1,425,967 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of 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 valued at $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Finally, FIL Ltd increased its holdings in Procore Technologies by 4.0% during the fourth quarter. FIL Ltd now owns 2,171,975 shares of the company's stock worth $162,746,000 after buying an additional 84,216 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Down 0.6 %

Shares of PCOR opened at $64.27 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $9.59 billion, a PE ratio of -89.26 and a beta of 0.90. The firm's 50 day moving average is $65.41 and its 200-day moving average is $72.30. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92.

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

Analyst Ratings Changes

A number of research analysts have recently commented on PCOR shares. Stifel Nicolaus decreased their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. DA Davidson reduced their price target on Procore Technologies from $80.00 to $60.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Macquarie lowered their price target 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. JMP Securities raised their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research report on Tuesday, February 18th. Finally, KeyCorp decreased their target price on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Procore Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.24.

Insider Activity at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the transaction, the insider now owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,480 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $60.02, for a total value of $88,829.60. Following the sale, the chief financial officer now owns 206,704 shares of the company's stock, valued at approximately $12,406,374.08. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,552 shares of company stock valued at $4,545,903 over the last quarter. 29.00% of the stock is owned by corporate insiders.

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.

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