Stockbridge Partners LLC Purchases New Stake in Procore Technologies, Inc. (NYSE:PCOR)

Stockbridge Partners LLC acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 486,794 shares of the company’s stock, valued at approximately $30,045,000. Procore Technologies comprises 0.6% of Stockbridge Partners LLC’s investment portfolio, making the stock its 13th biggest holding. Stockbridge Partners LLC owned about 0.33% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PCOR. GAMMA Investing LLC boosted its position in shares of Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after purchasing an additional 175 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies during the third quarter worth about $26,000. Signaturefd LLC grew its position in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the period. International Assets Investment Management LLC grew its position in shares of Procore Technologies by 6,069.2% during the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after buying an additional 789 shares during the period. Finally, Rothschild Investment LLC bought a new stake in shares of Procore Technologies in the 2nd quarter valued at about $51,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PCOR. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Canaccord Genuity Group boosted their price target on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. DA Davidson raised their price objective on Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Piper Sandler boosted their target price on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, Stifel Nicolaus increased their price target on Procore Technologies from $70.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Stock Performance

NYSE:PCOR opened at $81.45 on Friday. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $83.35. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $65.58 and its two-hundred day moving average price is $64.21.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Analysts predict that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Insider Activity

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of Procore Technologies stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the transaction, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the completion of the transaction, the director now directly owns 1,371,104 shares in the company, valued at $79,606,298.24. The trade was a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,553 shares of company stock valued at $7,933,974. 29.00% of the stock is owned by company insiders.

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.