Adero Partners LLC Has $18.52 Million Stake in Procore Technologies, Inc. (NYSE:PCOR)

Adero Partners LLC lifted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 25.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 280,522 shares of the company's stock after purchasing an additional 57,097 shares during the period. Procore Technologies makes up about 1.2% of Adero Partners LLC's investment portfolio, making the stock its 19th biggest position. Adero Partners LLC owned approximately 0.19% of Procore Technologies worth $18,520,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Parkside Financial Bank & Trust increased its stake in Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock valued at $29,000 after purchasing an additional 147 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock valued at $44,000 after acquiring an additional 162 shares during the last quarter. Huntington National Bank lifted its stake in Procore Technologies by 161.6% in the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after acquiring an additional 404 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in Procore Technologies by 1,434.0% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company's stock valued at $54,000 after acquiring an additional 674 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Procore Technologies in the fourth quarter valued at $56,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PCOR. Piper Sandler cut their price target on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. DA Davidson raised shares of Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. Barclays increased their price objective on shares of Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, BMO Capital Markets lowered their price target on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and a consensus price target of $80.24.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 797 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $68.99, for a total transaction of $54,985.03. Following the sale, the chief financial officer now directly owns 199,067 shares in the company, valued at $13,733,632.33. This represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 7,700 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the transaction, the director now owns 1,208,284 shares in the company, valued at $68,473,454.28. The trade was a 0.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,535 shares of company stock worth $2,171,596. 29.00% of the stock is currently owned by insiders.

Procore Technologies Trading Down 2.0%

PCOR opened at $64.02 on Monday. The company's 50 day moving average is $65.03 and its 200-day moving average is $71.97. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. 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 company has a market cap of $9.55 billion, a P/E ratio of -88.92 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted 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 company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. During the same period last year, the company posted $0.30 EPS. The firm's quarterly revenue was up 15.3% compared to the same quarter last year. Equities research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share 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.

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