Next Century Growth Investors LLC Invests $3.25 Million in Procore Technologies, Inc. $PCOR

Next Century Growth Investors LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 44,735 shares of the company's stock, valued at approximately $3,254,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCOR. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the third quarter worth $34,000. Jones Financial Companies Lllp boosted its position in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 199 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies during the fourth quarter worth $41,000. Allworth Financial LP boosted its position in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the fourth quarter worth $54,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Trading Up 0.0%

PCOR opened at $42.37 on Monday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $40.74 and a 12 month high of $82.32. The firm's fifty day simple moving average is $50.99 and its 200 day simple moving average is $59.37. The stock has a market capitalization of $6.39 billion, a P/E ratio of -83.07 and a beta of 0.73.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same period last year, the firm earned $0.23 earnings per share. The company's quarterly revenue was up 15.7% compared to the same quarter last year. As a group, research analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of the business's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the sale, the director directly owned 990,983 shares of the company's stock, valued at $50,609,501.81. The trade was a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 178,077 shares of company stock valued at $8,564,311 in the last three months. 16.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PCOR has been the topic of several research reports. Piper Sandler cut their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen cut shares of Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. UBS Group cut their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. TD Cowen cut their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 21st. Finally, Citizens Jmp raised shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective on the stock in a research report on Wednesday, April 29th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $72.56.

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. 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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