Gavilan Investment Partners LLC Buys 55,000 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Gavilan Investment Partners LLC increased its position in Procore Technologies, Inc. (NYSE:PCOR) by 22.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 295,000 shares of the company’s stock after purchasing an additional 55,000 shares during the quarter. Procore Technologies accounts for 6.1% of Gavilan Investment Partners LLC’s portfolio, making the stock its 9th biggest holding. Gavilan Investment Partners LLC’s holdings in Procore Technologies were worth $22,104,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in Procore Technologies by 8.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company’s stock valued at $1,958,000 after purchasing an additional 2,538 shares in the last quarter. FMR LLC raised its holdings in shares of Procore Technologies by 4.6% in the 3rd quarter. FMR LLC now owns 17,939 shares of the company’s stock worth $1,107,000 after acquiring an additional 797 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Procore Technologies by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,304 shares of the company’s stock worth $15,943,000 after acquiring an additional 13,550 shares during the last quarter. Stifel Financial Corp lifted its position in Procore Technologies by 10.1% in the 3rd quarter. Stifel Financial Corp now owns 118,447 shares of the company’s stock valued at $7,311,000 after acquiring an additional 10,834 shares in the last quarter. Finally, State Street Corp boosted its stake in Procore Technologies by 13.2% during the 3rd quarter. State Street Corp now owns 1,810,895 shares of the company’s stock valued at $111,768,000 after purchasing an additional 211,590 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 1,190 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.00, for a total transaction of $79,730.00. Following the sale, the chief financial officer now owns 146,160 shares of the company’s stock, valued at $9,792,720. The trade was a 0.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares of the company’s stock, valued at $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,604 shares of company stock worth $5,427,468 over the last quarter. 29.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PCOR has been the subject of several analyst reports. Mizuho increased their price objective on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Stifel Nicolaus increased their price target on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler lifted their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, UBS Group raised their price target on shares of Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.65.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $57.11 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $74.39 and a two-hundred day simple moving average of $72.33. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of -79.32 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. Analysts anticipate that Procore Technologies, Inc. will post -0.15 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.