Fred Alger Management LLC Trims Position in Procore Technologies, Inc. (NYSE:PCOR)

Fred Alger Management LLC decreased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 43.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,220 shares of the company's stock after selling 25,402 shares during the period. Fred Alger Management LLC's holdings in Procore Technologies were worth $2,489,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PCOR. Chicago Partners Investment Group LLC raised its stake in shares of Procore Technologies by 0.8% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company's stock valued at $1,199,000 after buying an additional 129 shares in the last quarter. Parkside Financial Bank & Trust grew its position in Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock valued at $29,000 after purchasing an additional 147 shares in the last quarter. V Square Quantitative Management LLC increased its stake in Procore Technologies by 37.8% in the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock valued at $44,000 after buying an additional 162 shares during the last quarter. Covestor Ltd raised its holdings in Procore Technologies by 15.1% during the fourth quarter. Covestor Ltd now owns 1,571 shares of the company's stock worth $118,000 after acquiring an additional 206 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in Procore Technologies by 4.3% during the fourth 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. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded down $0.63 during midday trading on Thursday, reaching $71.21. The company's stock had a trading volume of 373,153 shares, compared to its average volume of 1,717,469. The stock has a market capitalization of $10.62 billion, a P/E ratio of -98.84 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a 50 day moving average price of $64.72 and a 200-day moving average price of $72.49. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $0.30 earnings per share. The business's revenue was up 15.3% on a year-over-year basis. As a group, equities analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on PCOR. Piper Sandler lowered their price objective on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price target on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. DA Davidson raised Procore Technologies to a "hold" rating in a research note on Tuesday. Scotiabank reduced their price objective on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Thursday, April 24th. Finally, Canaccord Genuity Group increased their target price on Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $80.24.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 7,700 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the sale, the director now owns 1,208,284 shares of the company's stock, valued at approximately $68,473,454.28. This represents a 0.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Lawrence Joseph Stack sold 1,000 shares of the firm's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $65.60, for a total transaction of $65,600.00. Following the completion of the transaction, the executive now directly owns 217,868 shares of the company's stock, valued at approximately $14,292,140.80. The trade was a 0.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,142 shares of company stock valued at $4,119,407. Company insiders own 29.00% of the company's stock.

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.