Next Century Growth Investors LLC Makes New $3.25 Million Investment in Procore Technologies, Inc. $PCOR

Next Century Growth Investors LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 4th quarter, Holdings Channel reports. The fund purchased 44,735 shares of the company’s stock, valued at approximately $3,254,000.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Procore Technologies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after purchasing an additional 804,920 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP increased its stake in shares of Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Procore Technologies by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after purchasing an additional 127,256 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the transaction, the chairman owned 927,580 shares in the company, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 178,077 shares of company stock worth $8,564,311. Insiders own 16.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Wednesday, May 6th. UBS Group lowered their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a research note on Wednesday, April 29th. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Finally, The Goldman Sachs Group lowered their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Fifteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $72.56.

Procore Technologies Stock Up 0.0%

Shares of PCOR opened at $42.37 on Monday. Procore Technologies, Inc. has a 52 week low of $40.74 and a 52 week high of $82.32. The firm has a market cap of $6.39 billion, a P/E ratio of -83.07 and a beta of 0.73. The firm’s 50-day simple moving average is $50.99 and its 200 day simple moving average is $59.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter last year, the company posted $0.23 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. On average, analysts forecast that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.