HighPoint Advisor Group LLC Takes $222,000 Position in Procore Technologies, Inc. (NYSE:PCOR)

by · The Markets Daily

HighPoint Advisor Group LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,971 shares of the company’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in Procore Technologies by 8.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company’s stock valued at $1,958,000 after buying an additional 2,538 shares during the last quarter. FMR LLC increased its position in Procore Technologies by 4.6% during the third quarter. FMR LLC now owns 17,939 shares of the company’s stock valued at $1,107,000 after acquiring an additional 797 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Procore Technologies by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,304 shares of the company’s stock valued at $15,943,000 after acquiring an additional 13,550 shares during the period. Janus Henderson Group PLC lifted its holdings in Procore Technologies by 128.7% in the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after acquiring an additional 1,297,151 shares during the period. Finally, Stifel Financial Corp grew its stake in shares of Procore Technologies by 10.1% during the 3rd quarter. Stifel Financial Corp now owns 118,447 shares of the company’s stock valued at $7,311,000 after purchasing an additional 10,834 shares during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $62.13 on Friday. The company has a market cap of $9.31 billion, a P/E ratio of -86.28 and a beta of 0.85. The firm’s fifty day moving average is $74.81 and its two-hundred day moving average is $72.23. 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, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92.

Procore Technologies (NYSE:PCOR – Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The firm 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%. As a group, analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.41, for a total value of $345,678.48. Following the completion of the sale, the director now owns 1,215,984 shares in the company, valued at approximately $81,969,481.44. This trade represents a 0.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 8,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the transaction, the chief financial officer now owns 156,188 shares in the company, valued at $13,588,356. The trade was a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,604 shares of company stock valued at $5,427,468 in the last three months. Corporate insiders own 29.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group lowered their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday. KeyCorp lifted their price target on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Stifel Nicolaus boosted their price objective on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Macquarie decreased their target price on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Canaccord Genuity Group boosted their price target on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th. Four equities research 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.65.

Read Our Latest Report on Procore Technologies

About Procore Technologies

(Free Report)

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.

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