Washington Harbour Partners LP Boosts Stake in Procore Technologies, Inc. (NYSE:PCOR)

Washington Harbour Partners LP raised its position in Procore Technologies, Inc. (NYSE:PCOR) by 63.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,900 shares of the company’s stock after purchasing an additional 9,700 shares during the quarter. Procore Technologies accounts for approximately 3.3% of Washington Harbour Partners LP’s portfolio, making the stock its 15th largest holding. Washington Harbour Partners LP’s holdings in Procore Technologies were worth $2,046,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Advisors Asset Management Inc. boosted its position in Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 shares during the period. Fifth Third Bancorp boosted its position in shares of Procore Technologies by 3.8% in the first quarter. Fifth Third Bancorp now owns 7,163 shares of the company’s stock worth $589,000 after buying an additional 263 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Procore Technologies by 30.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after buying an additional 297 shares in the last quarter. Covestor Ltd raised its holdings in shares of Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after buying an additional 300 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in Procore Technologies by 5.7% during the 4th quarter. Venturi Wealth Management LLC now owns 7,557 shares of the company’s stock worth $523,000 after acquiring an additional 408 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Procore Technologies stock traded down $3.81 during trading hours on Thursday, hitting $67.22. 2,247,705 shares of the company traded hands, compared to its average volume of 1,343,098. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. The firm has a market cap of $9.84 billion, a P/E ratio of -70.02 and a beta of 0.75. The firm’s 50-day simple moving average is $66.94 and its two-hundred day simple moving average is $71.46. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The firm had revenue of $269.43 million during the quarter, compared to the consensus estimate of $263.13 million. As a group, analysts forecast that Procore Technologies, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $66.17, for a total transaction of $4,499,560.00. Following the completion of the transaction, the chief executive officer now owns 528,699 shares of the company’s stock, valued at $34,984,012.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $66.17, for a total transaction of $4,499,560.00. Following the completion of the sale, the chief executive officer now directly owns 528,699 shares of the company’s stock, valued at $34,984,012.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,142 shares of Procore Technologies stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $68.68, for a total transaction of $78,432.56. Following the completion of the transaction, the chief financial officer now owns 181,419 shares in the company, valued at approximately $12,459,856.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 238,511 shares of company stock valued at $16,024,349. Corporate insiders own 29.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PCOR. TD Cowen initiated coverage on shares of Procore Technologies in a research note on Wednesday, June 12th. They set a “buy” rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Procore Technologies from $86.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. BMO Capital Markets restated an “outperform” rating and set a $85.00 target price on shares of Procore Technologies in a research note on Tuesday, June 11th. Piper Sandler cut their price target on Procore Technologies from $77.00 to $74.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Stifel Nicolaus lowered their price objective on Procore Technologies from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $80.67.

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.