WESPAC Advisors LLC purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,835 shares of the company's stock, valued at approximately $781,000.
Several other institutional investors and hedge funds have also made changes to their positions in PCOR. Vanguard Group Inc. grew its stake in Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock worth $891,692,000 after buying an additional 838,925 shares during the last quarter. Capital World Investors grew its stake in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Procore Technologies by 3.1% in the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock worth $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after buying an additional 322,367 shares in the last quarter. Finally, FIL Ltd lifted its holdings in Procore Technologies by 4.0% in the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company's stock valued at $162,746,000 after acquiring an additional 84,216 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on PCOR shares. Macquarie cut their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Barclays upped their price target on shares of Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Stifel Nicolaus cut their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 2nd. UBS Group cut their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, Scotiabank decreased their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 24th. Four equities research 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 stock. According to MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $80.83.
Check Out Our Latest Analysis on PCOR
Insiders Place Their Bets
In related news, Director William J.G. Griffith sold 309,168 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $20,021,719.68. Following the completion of the sale, the director owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the sale, the insider directly owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 652,712 shares of company stock worth $42,398,294 in the last quarter. Corporate insiders own 29.00% of the company's stock.
Procore Technologies Price Performance
Shares of PCOR opened at $72.96 on Friday. The company has a market capitalization of $10.88 billion, a price-to-earnings ratio of -84.84 and a beta of 0.89. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The business's 50-day moving average is $68.13 and its 200-day moving average is $70.62.
Procore Technologies (NYSE:PCOR - Get Free Report) last issued 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 6.54% and a negative net margin of 10.73%. The firm's quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. Equities research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.
Procore Technologies Company Profile
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Free Report)
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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