Geode Capital Management LLC Grows Stake in Procore Technologies, Inc. (NYSE:PCOR)

Geode Capital Management LLC increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 10.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,716,432 shares of the company’s stock after buying an additional 168,769 shares during the period. Geode Capital Management LLC owned about 1.15% of Procore Technologies worth $105,967,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Westfield Capital Management Co. LP boosted its position in Procore Technologies by 39.2% during the 3rd quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock valued at $59,635,000 after purchasing an additional 272,030 shares during the period. Advantage Alpha Capital Partners LP increased its holdings in shares of Procore Technologies by 30.2% in the third quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock valued at $7,825,000 after buying an additional 29,431 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Procore Technologies by 804.3% during the third quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock valued at $8,999,000 after purchasing an additional 129,679 shares during the last quarter. Long Path Partners LP increased its position in shares of Procore Technologies by 5.8% in the third quarter. Long Path Partners LP now owns 358,050 shares of the company’s stock worth $22,099,000 after acquiring an additional 19,547 shares in the last quarter. Finally, Dragoneer Investment Group LLC boosted its position in Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 6,410 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $81.26, for a total value of $520,876.60. Following the completion of the sale, the director now owns 1,269,828 shares of the company’s stock, valued at approximately $103,186,223.28. This represents a 0.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,193 shares of company stock worth $10,364,826. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $75.75 on Thursday. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $86.67. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of -151.50 and a beta of 0.82. The stock has a 50 day moving average price of $71.89 and a 200-day moving average price of $65.49. 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 (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Equities analysts expect that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PCOR shares. JPMorgan Chase & Co. increased 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. Scotiabank upped their price objective on shares of Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. UBS Group assumed coverage on shares of Procore Technologies in a report on Monday, December 2nd. They issued a “buy” rating and a $105.00 price target on the stock. Canaccord Genuity Group increased their target price on Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Barclays raised their price objective on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.24.

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.