First Trust Advisors LP Buys 59,560 Shares of Procore Technologies, Inc. (NYSE:PCOR)

First Trust Advisors LP lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 682.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,289 shares of the company's stock after purchasing an additional 59,560 shares during the period. First Trust Advisors LP's holdings in Procore Technologies were worth $5,117,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PCOR. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 838,925 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock worth $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock valued at $200,810,000 after acquiring an additional 2,670,872 shares during the last quarter. FIL Ltd increased its stake in shares of Procore Technologies by 4.0% during the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company's stock worth $162,746,000 after purchasing an additional 84,216 shares during the last quarter. Finally, Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 28.8% in the 4th quarter. Wasatch Advisors LP now owns 2,036,632 shares of the company's stock worth $152,605,000 after purchasing an additional 455,314 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Price Performance

Shares of NYSE PCOR traded down $0.09 during midday trading on Monday, reaching $64.76. The stock had a trading volume of 1,410,548 shares, compared to its average volume of 1,716,469. The company has a market capitalization of $9.66 billion, a price-to-earnings ratio of -89.95 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The stock has a 50-day moving average of $65.91 and a 200-day moving average of $72.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $310.63 million for the quarter, compared to analysts' expectations of $302.66 million. During the same period last year, the firm earned $0.30 earnings per share. The business's quarterly revenue was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on PCOR. Macquarie decreased their target price on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Mizuho dropped their price objective on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Stifel Nicolaus reduced their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday. DA Davidson dropped their price target on shares of Procore Technologies from $80.00 to $60.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Piper Sandler reduced their price objective on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $80.24.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 6,410 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $77.33, for a total value of $495,685.30. Following the sale, the director now owns 1,244,188 shares in the company, valued at approximately $96,213,058.04. The trade was a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now directly owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,962 shares of company stock valued at $5,041,588. 29.00% of the stock is currently owned by corporate insiders.

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.