Sequoia Financial Advisors LLC Makes New $717,000 Investment in Procore Technologies, Inc. (NYSE:PCOR)

Sequoia Financial Advisors LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,357 shares of the company’s stock, valued at approximately $717,000.

Several other hedge funds have also made changes to their positions in PCOR. Ellsworth Advisors LLC raised its stake in Procore Technologies by 3.0% during the fourth quarter. Ellsworth Advisors LLC now owns 5,901 shares of the company’s stock worth $408,000 after purchasing an additional 170 shares during the period. Handelsbanken Fonder AB raised its position in shares of Procore Technologies by 0.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 25,900 shares of the company’s stock worth $1,692,000 after buying an additional 200 shares during the period. Pathstone Family Office LLC raised its position in shares of Procore Technologies by 4.5% in the 4th quarter. Pathstone Family Office LLC now owns 4,692 shares of the company’s stock worth $228,000 after buying an additional 204 shares during the period. Portside Wealth Group LLC grew its position in Procore Technologies by 7.5% during the third quarter. Portside Wealth Group LLC now owns 3,311 shares of the company’s stock valued at $215,000 after acquiring an additional 231 shares during the period. Finally, Caprock Group LLC grew its position in Procore Technologies by 4.4% during the third quarter. Caprock Group LLC now owns 6,430 shares of the company’s stock valued at $420,000 after acquiring an additional 273 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR opened at $72.80 on Tuesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $77.25 and its two-hundred day moving average is $68.64. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.13. The firm had revenue of $260.04 million for the quarter, compared to analysts’ expectations of $248.20 million. Procore Technologies had a negative net margin of 19.97% and a negative return on equity of 12.26%. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $69.67, for a total value of $79,563.14. Following the completion of the sale, the chief financial officer now directly owns 144,608 shares of the company’s stock, valued at $10,074,839.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $72.21, for a total value of $370,292.88. Following the transaction, the director now directly owns 1,543,037 shares in the company, valued at approximately $111,422,701.77. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $69.67, for a total transaction of $79,563.14. Following the sale, the chief financial officer now directly owns 144,608 shares of the company’s stock, valued at approximately $10,074,839.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 467,373 shares of company stock valued at $36,589,678. Insiders own 39.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PCOR. JPMorgan Chase & Co. lifted their price objective on Procore Technologies from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Tuesday, January 23rd. JMP Securities boosted their price objective on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Friday, February 16th. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Piper Sandler upped their price target on shares of Procore Technologies from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Finally, KeyCorp increased their price target on Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $81.86.

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.