Conestoga Capital Advisors LLC Has $28.02 Million Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Conestoga Capital Advisors boosted its stake in Procore by 23.2% to 385,193 shares, a position worth about $28.02 million (roughly 0.25% of the company) at the end of the quarter.
• Insiders sold 148,026 shares (~$7.78M) in the past three months, including Chairman Craig F. Courtemanche’s 56,122-share sale executed under a Rule 10b5‑1 plan, which reduced his holding by 5.71%.
• Analysts collectively rate Procore a “Moderate Buy” with a consensus price target of $73.75, although several firms have recently lowered their targets.

Conestoga Capital Advisors LLC increased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 23.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 385,193 shares of the company's stock after acquiring an additional 72,481 shares during the period. Conestoga Capital Advisors LLC owned about 0.25% of Procore Technologies worth $28,019,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC raised its holdings in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock worth $28,000 after acquiring an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the 3rd quarter worth about $34,000. Jones Financial Companies Lllp raised its holdings in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after acquiring an additional 199 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the 4th quarter worth about $41,000. Finally, First Horizon Corp acquired a new stake in shares of Procore Technologies in the 3rd quarter worth about $49,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the completion of the transaction, the chairman directly owned 927,580 shares of the company's stock, valued at $44,189,911.20. This represents a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the transaction, the insider directly owned 64,660 shares of the company's stock, valued at $3,233,000. This represents a 6.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 148,026 shares of company stock valued at $7,783,734 in the last three months. Company insiders own 21.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. BTIG Research restated a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, March 11th. DA Davidson decreased their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, February 13th. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $90.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, February 9th. KeyCorp decreased their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. Finally, UBS Group decreased their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a research note on Tuesday, February 3rd. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $73.75.

Procore Technologies Trading Up 1.1%

NYSE:PCOR opened at $56.58 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $8.53 billion, a price-to-earnings ratio of -84.44 and a beta of 0.85. Procore Technologies, Inc. has a 52 week low of $46.08 and a 52 week high of $82.32. The firm has a 50-day moving average price of $55.59 and a two-hundred day moving average price of $64.65.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the business posted $0.01 EPS. On average, equities analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Procore Technologies Company 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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