Pier Capital LLC Has $6.01 Million Position in Procore Technologies, Inc. (NYSE:PCOR)

Pier Capital LLC cut its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,235 shares of the company’s stock after selling 658 shares during the period. Pier Capital LLC’s holdings in Procore Technologies were worth $6,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCOR. Segall Bryant & Hamill LLC increased its holdings in Procore Technologies by 21.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 159,100 shares of the company’s stock worth $11,921,000 after purchasing an additional 28,622 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after buying an additional 838,925 shares during the period. LPL Financial LLC increased its stake in shares of Procore Technologies by 147.2% in the 4th quarter. LPL Financial LLC now owns 23,399 shares of the company’s stock valued at $1,753,000 after acquiring an additional 13,935 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Procore Technologies during the 4th quarter valued at $1,574,000. Finally, Sei Investments Co. boosted its stake in Procore Technologies by 75.5% during the fourth quarter. Sei Investments Co. now owns 465,472 shares of the company’s stock worth $34,878,000 after acquiring an additional 200,317 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $72.07 on Tuesday. 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 firm has a 50-day moving average of $76.34 and a 200-day moving average of $71.76. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The company has a market cap of $10.81 billion, a P/E ratio of -100.10 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) EPS 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 the consensus estimate of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. Equities research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s 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 in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Howard Fu sold 8,000 shares of the business’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 completion of the transaction, the chief financial officer now owns 156,188 shares in the company, valued at approximately $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. Over the last quarter, insiders have sold 69,604 shares of company stock valued at $5,427,468. Insiders own 29.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PCOR. Macquarie decreased their price target 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. UBS Group boosted their target price on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Canaccord Genuity Group increased their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, February 14th. KeyCorp raised their price objective on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Finally, Jefferies Financial Group raised Procore Technologies from a “hold” rating to a “buy” rating and upped their target price for the stock from $80.00 to $100.00 in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $90.24.

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.