Lecap Asset Management Ltd. Invests $418,000 in Procore Technologies, Inc. (NYSE:PCOR)

Lecap Asset Management Ltd. purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,337 shares of the company's stock, valued at approximately $418,000.

Several other institutional investors have also made changes to their positions in PCOR. Capital World Investors lifted its position 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 valued at $233,704,000 after acquiring an additional 2,555,612 shares during the period. Wellington Management Group LLP bought a new stake in shares of Procore Technologies during the 4th quarter worth $131,840,000. Champlain Investment Partners LLC acquired a new stake in Procore Technologies in the fourth quarter valued at about $105,747,000. Alliancebernstein L.P. grew its position in Procore Technologies by 474.3% in the fourth quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company's stock valued at $105,614,000 after acquiring an additional 1,164,074 shares during the last quarter. Finally, Norges Bank acquired a new position in Procore Technologies during the fourth quarter worth about $86,387,000. 81.10% of the stock is currently owned by institutional investors.

Insider Transactions at Procore Technologies

In related news, Director William J.G. Griffith sold 309,168 shares of Procore Technologies stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the transaction, the director owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. The trade was a 14.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 796 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $66.88, for a total value of $53,236.48. Following the completion of the sale, the chief financial officer directly owned 198,271 shares of the company's stock, valued at $13,260,364.48. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 660,412 shares of company stock valued at $42,834,653. Corporate insiders own 29.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Arete assumed coverage on shares of Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. KeyCorp dropped their price target on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Jefferies Financial Group cut their price objective on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Barclays upped their target price on Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $80.83.

Procore Technologies Stock Up 1.0%

PCOR traded up $0.68 during trading on Monday, hitting $68.54. 978,349 shares of the company's stock were exchanged, compared to its average volume of 1,662,898. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The stock has a market cap of $10.22 billion, a P/E ratio of -79.70 and a beta of 0.90. The business's 50 day moving average is $66.62 and its two-hundred day moving average is $70.81. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping the consensus estimate 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 company had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. As a group, 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.