Westfield Capital Management Co. LP Boosts Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Westfield Capital Management Co. LP increased its holdings in Procore Technologies by 7.2%, owning 1,879,226 shares valued at approximately $124 million.
• Procore Technologies reported quarterly earnings of $0.35 per share, exceeding analysts' expectations and showing a 13.9% increase in revenue compared to the previous year.
• Analysts generally maintain a positive outlook on Procore Technologies, with an average price target of $82.50 and a "Moderate Buy" rating.

Westfield Capital Management Co. LP lifted its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 7.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,879,226 shares of the company's stock after buying an additional 126,070 shares during the period. Westfield Capital Management Co. LP owned approximately 1.26% of Procore Technologies worth $124,067,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PCOR. Teacher Retirement System of Texas grew its holdings in Procore Technologies by 89.5% in the first quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock valued at $1,318,000 after purchasing an additional 9,428 shares during the last quarter. GAMMA Investing LLC lifted its position in Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after buying an additional 497 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Procore Technologies by 87.4% in the 1st quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock worth $854,000 after acquiring an additional 6,038 shares during the period. Amalgamated Bank boosted its stake in shares of Procore Technologies by 4.2% in the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after purchasing an additional 295 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Procore Technologies by 8.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock worth $508,000 after acquiring an additional 613 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PCOR shares. Arete began coverage on shares of Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. Barclays raised their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Stifel Nicolaus increased their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Robert W. Baird increased their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, KeyCorp lifted their target price on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average target price of $83.06.

Insider Buying and Selling at Procore Technologies

In other news, CFO Howard Fu sold 814 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $74.35, for a total value of $60,520.90. Following the completion of the transaction, the chief financial officer owned 197,457 shares in the company, valued at $14,680,927.95. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J.G. Griffith sold 309,168 shares of the business's stock in a transaction 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 completion of the sale, the director directly owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 672,447 shares of company stock valued at $43,878,843 over the last three months. Insiders own 29.00% of the company's stock.

Procore Technologies Price Performance

Shares of NYSE PCOR traded down $0.40 during mid-day trading on Wednesday, hitting $63.70. 2,088,726 shares of the stock were exchanged, compared to its average volume of 2,246,893. The company has a market cap of $9.57 billion, a P/E ratio of -66.36 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.29. Procore Technologies, Inc. has a twelve month low of $51.65 and a twelve month high of $88.92. The stock's fifty day simple moving average is $69.49 and its two-hundred day simple moving average is $70.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The company had revenue of $323.92 million for the quarter, compared to analysts' expectations of $311.91 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, analysts forecast that Procore Technologies, Inc. will post -0.15 EPS 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.