Conestoga Capital Advisors LLC Buys 22,080 Shares of Procore Technologies, Inc. $PCOR

Conestoga Capital Advisors LLC boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 5.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 407,273 shares of the company’s stock after purchasing an additional 22,080 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Procore Technologies were worth $23,215,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PCOR. Alliancebernstein L.P. increased its holdings in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares during the period. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP lifted its holdings in 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 buying an additional 1,486,153 shares in the last quarter. Holocene Advisors LP lifted its stake in shares of Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock valued at $144,906,000 after acquiring an additional 1,412,721 shares during the period. Finally, Norges Bank bought a new position in shares of Procore Technologies in the 4th quarter valued at about $82,739,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on PCOR. Piper Sandler lowered their price target on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. The Goldman Sachs Group cut their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. UBS Group lowered their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $71.33.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $42.00, for a total value of $242,298.00. Following the completion of the sale, the director owned 973,670 shares of the company’s stock, valued at approximately $40,894,140. This represents a 0.59% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $41,515,438.56. This trade represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 189,621 shares of company stock valued at $9,054,472. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Price Performance

Procore Technologies stock opened at $42.16 on Thursday. The firm has a market capitalization of $6.36 billion, a P/E ratio of -82.66 and a beta of 0.75. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The business has a 50-day moving average of $47.52 and a 200-day moving average of $56.12. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share 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 firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The business’s revenue was up 15.7% on a year-over-year basis. On average, equities analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current year.

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. 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.