Proficio Capital Partners LLC Invests $831,000 in Procore Technologies, Inc. (NYSE:PCOR)

Proficio Capital Partners LLC purchased a new position in Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,090 shares of the company’s stock, valued at approximately $831,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Diversified Trust Co increased its position in Procore Technologies by 157.1% in the fourth quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock worth $3,795,000 after buying an additional 30,948 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in Procore Technologies by 39.2% during the 3rd quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock worth $59,635,000 after acquiring an additional 272,030 shares during the period. Barclays PLC raised its stake in Procore Technologies by 49.1% during the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after acquiring an additional 22,734 shares during the period. Advantage Alpha Capital Partners LP lifted its holdings in Procore Technologies by 30.2% during the third quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock valued at $7,825,000 after purchasing an additional 29,431 shares in the last quarter. Finally, Pathstone Holdings LLC boosted its position in shares of Procore Technologies by 804.3% in the third quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock worth $8,999,000 after purchasing an additional 129,679 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PCOR. BMO Capital Markets increased their price objective on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Scotiabank increased their price objective on shares of Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 22nd. Robert W. Baird increased their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Jefferies Financial Group raised shares of Procore Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $100.00 in a research note on Monday, January 6th. Finally, Piper Sandler increased their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $89.94.

Procore Technologies Stock Performance

PCOR opened at $73.33 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $10.99 billion, a price-to-earnings ratio of -101.84 and a beta of 0.85. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The firm’s fifty day simple moving average is $77.88 and its two-hundred day simple moving average is $70.91.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for the quarter, compared to analysts’ expectations of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. Equities analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the sale, the director now directly owns 1,282,648 shares in the company, valued at $105,087,350.64. This represents a 2.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now owns 200 shares of the company’s stock, valued at $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,953 shares of company stock valued at $7,924,469 over the last ninety days. Corporate insiders own 29.00% of the company’s stock.

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.