Arrowstreet Capital Limited Partnership Purchases Shares of 723,841 Procore Technologies, Inc. (NYSE:PCOR)

Arrowstreet Capital Limited Partnership acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 723,841 shares of the company’s stock, valued at approximately $54,237,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PCOR. Versant Capital Management Inc lifted its position in Procore Technologies by 92.1% during the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. Parkside Financial Bank & Trust raised its position in shares of Procore Technologies by 61.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after acquiring an additional 162 shares during the last quarter. Hilltop National Bank purchased a new position in Procore Technologies in the fourth quarter worth $53,000. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in Procore Technologies by 1,434.0% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after acquiring an additional 674 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Up 2.5 %

NYSE PCOR opened at $67.68 on Wednesday. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The stock has a market capitalization of $10.15 billion, a PE ratio of -94.00 and a beta of 0.85. 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 business’s 50-day moving average is $75.34 and its 200 day moving average is $72.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. Sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Mizuho lifted their price target on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Robert W. Baird boosted their target price on Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. KeyCorp upped their target price on Procore Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. JPMorgan Chase & Co. lifted their price target on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Finally, Macquarie cut their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.65.

Insider Buying and Selling

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares of the company’s stock, valued at approximately $17,480. This represents a 84.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total value of $117,000.00. Following the sale, the insider now owns 83,039 shares in the company, valued at $6,477,042. This represents a 1.77 % 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 over the last quarter. 29.00% of the stock is owned by company insiders.

Procore Technologies 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.