Conestoga Capital Advisors LLC Grows Position in Procore Technologies, Inc. (NYSE:PCOR)

Conestoga Capital Advisors LLC lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 7.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 222,962 shares of the company's stock after purchasing an additional 15,510 shares during the quarter. Conestoga Capital Advisors LLC owned about 0.15% of Procore Technologies worth $14,720,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Adero Partners LLC boosted its holdings in shares of Procore Technologies by 25.6% during the 1st quarter. Adero Partners LLC now owns 280,522 shares of the company's stock valued at $18,520,000 after buying an additional 57,097 shares in the last quarter. Hanson & Doremus Investment Management boosted its stake in Procore Technologies by 5.9% during the first quarter. Hanson & Doremus Investment Management now owns 30,532 shares of the company's stock worth $2,016,000 after acquiring an additional 1,711 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Procore Technologies by 8.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock worth $508,000 after purchasing an additional 613 shares during the period. Fifth Third Bancorp grew its holdings in Procore Technologies by 5.8% in the first quarter. Fifth Third Bancorp now owns 5,977 shares of the company's stock worth $395,000 after purchasing an additional 329 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Procore Technologies by 41.8% during the first quarter. SG Americas Securities LLC now owns 14,914 shares of the company's stock valued at $985,000 after purchasing an additional 4,399 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Price Performance

NYSE PCOR opened at $65.65 on Tuesday. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of -91.18 and a beta of 0.90. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year 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 business's fifty day moving average price is $65.22 and its 200-day moving average price is $71.86.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its 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. The company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. Procore Technologies's revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 earnings per share. On average, equities analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. KeyCorp cut their price target on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Jefferies Financial Group cut their target price on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Macquarie lowered their price target on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their price target on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, BMO Capital Markets reduced their price objective 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 equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $80.83.

Insider Transactions at Procore Technologies

In related news, CRO Lawrence Joseph Stack sold 1,000 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $65.60, for a total value of $65,600.00. Following the completion of the sale, the executive now directly owns 217,868 shares of the company's stock, valued at approximately $14,292,140.80. This represents a 0.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Howard Fu sold 1,447 shares of Procore Technologies stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $68.79, for a total transaction of $99,539.13. Following the transaction, the chief financial officer now directly owns 144,713 shares in the company, valued at $9,954,807.27. This represents a 0.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,035 shares of company stock worth $2,334,921 in the last 90 days. 29.00% of the stock is currently owned by insiders.

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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