Westfield Capital Management Co. LP Purchases 126,070 Shares of 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 boosted its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 7.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,879,226 shares of the company's stock after buying an additional 126,070 shares during the quarter. Westfield Capital Management Co. LP owned approximately 1.26% of Procore Technologies worth $124,067,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PCOR. Covestor Ltd boosted its holdings in Procore Technologies by 15.1% in the fourth quarter. Covestor Ltd now owns 1,571 shares of the company's stock valued at $118,000 after acquiring an additional 206 shares during the last quarter. Two Sigma Investments LP lifted its position in shares of Procore Technologies by 5.3% in the 4th quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after purchasing an additional 210 shares during the period. Park Avenue Securities LLC lifted its position in shares of Procore Technologies by 1.7% in the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock worth $854,000 after purchasing an additional 221 shares during the period. OneDigital Investment Advisors LLC boosted its stake in shares of Procore Technologies by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company's stock valued at $407,000 after purchasing an additional 225 shares during the last quarter. Finally, Xponance Inc. increased its position in shares of Procore Technologies by 1.8% during the first quarter. Xponance Inc. now owns 14,864 shares of the company's stock worth $981,000 after buying an additional 263 shares during the period. Institutional investors own 81.10% of the company's stock.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,500 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider directly owned 97,557 shares of the company's stock, valued at approximately $7,316,775. This trade represents a 4.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William J.G. Griffith sold 309,168 shares of the company'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 directly owned 1,893,458 shares of the company's stock, 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 have sold 671,447 shares of company stock valued at $43,813,243 in the last ninety days. Insiders own 29.00% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on PCOR shares. DA Davidson began coverage on shares of Procore Technologies in a research report on Monday. They set a "neutral" rating and a $70.00 price target on the stock. UBS Group decreased their target price on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Piper Sandler boosted their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Scotiabank cut their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Thursday, April 24th. Finally, Mizuho lifted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Stock Performance

Shares of PCOR traded down $1.94 on Friday, reaching $62.39. 1,675,723 shares of the company's stock traded hands, compared to its average volume of 1,460,564. The stock has a market cap of $9.37 billion, a PE ratio of -64.99 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The stock's 50 day simple moving average is $69.37 and its two-hundred day simple moving average is $69.90. Procore Technologies, Inc. has a 52-week low of $52.60 and a 52-week high of $88.92.

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

Procore Technologies Company 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.