Fred Alger Management LLC Has $2.49 Million Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Fred Alger Management LLC lessened its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 43.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PCOR. Chicago Partners Investment Group LLC raised its position in shares of Procore Technologies by 0.8% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company's stock worth $1,199,000 after acquiring an additional 129 shares during the last quarter. Parkside Financial Bank & Trust increased 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 worth $29,000 after purchasing an additional 147 shares during the period. V Square Quantitative Management LLC increased its position in Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock worth $44,000 after purchasing an additional 162 shares during the period. Covestor Ltd raised its holdings in Procore Technologies by 15.1% during the 4th quarter. Covestor Ltd now owns 1,571 shares of the company's stock worth $118,000 after purchasing an additional 206 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in Procore Technologies by 4.3% during 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 period. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analyst Weigh In

PCOR has been the subject of several analyst reports. Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Mizuho dropped their target price on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. BMO Capital Markets reduced their price target on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler dropped their price objective on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. cut their target price on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.24.

Procore Technologies Stock Up 0.1%

Shares of Procore Technologies stock traded up $0.07 on Tuesday, hitting $72.28. The company had a trading volume of 1,327,280 shares, compared to its average volume of 1,720,996. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. 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 stock has a 50-day moving average of $64.75 and a 200-day moving average of $72.50. The firm has a market capitalization of $10.78 billion, a P/E ratio of -100.39 and a beta of 0.90.

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

Insider Transactions at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business'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 transaction, the insider now directly owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Lawrence Joseph Stack sold 1,000 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $65.60, for a total transaction of $65,600.00. Following the sale, the executive now directly owns 217,868 shares in the company, valued at $14,292,140.80. This trade represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,142 shares of company stock worth $4,119,407 in the last three months. 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.