Interchange Capital Partners LLC Acquires New Position in Procore Technologies, Inc. (NYSE:PCOR)

Interchange Capital Partners LLC acquired a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,622 shares of the company's stock, valued at approximately $239,000.

A number of other large investors also recently bought and sold shares of PCOR. GAMMA Investing LLC grew its holdings in Procore Technologies by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after purchasing an additional 497 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Procore Technologies in the fourth quarter worth $20,729,000. SBI Securities Co. Ltd. purchased a new position in Procore Technologies in the fourth quarter worth $56,000. 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 last quarter. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in Procore Technologies in the first quarter worth $237,000. Institutional investors own 81.10% of the company's stock.

Insider Activity

In related news, Director William J.G. Griffith sold 309,168 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the completion of the transaction, the director owned 1,893,458 shares in the company, valued at $122,620,340.08. This represents a 14.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn Bueker sold 7,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $72.43, for a total transaction of $507,010.00. Following the transaction, the director owned 16,932 shares of the company's stock, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 672,939 shares of company stock worth $43,877,492. Company insiders own 29.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Macquarie cut their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. DA Davidson raised shares of Procore Technologies to a "hold" rating in a report on Tuesday, May 13th. Scotiabank dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Thursday, April 24th. Arete started coverage on shares of Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective on the stock. Finally, Stifel Nicolaus dropped their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $80.83.

Procore Technologies Price Performance

Shares of Procore Technologies stock traded down $1.34 during trading hours on Friday, reaching $71.59. The stock had a trading volume of 1,398,213 shares, compared to its average volume of 1,667,253. The stock's 50 day moving average is $68.27 and its 200 day moving average is $70.58. The firm has a market capitalization of $10.68 billion, a PE ratio of -83.24 and a beta of 0.89. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The business had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share. The company's revenue was up 15.3% compared to the same quarter last year. Equities analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.