Advisors Capital Management LLC Has $10.77 Million Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Advisors Capital Management LLC boosted its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,779 shares of the company’s stock after purchasing an additional 1,825 shares during the quarter. Advisors Capital Management LLC owned 0.10% of Procore Technologies worth $10,773,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of PCOR. Principal Financial Group Inc. boosted its holdings in shares of Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Procore Technologies in the 4th quarter valued at $131,840,000. Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after acquiring an additional 1,425,967 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Procore Technologies by 474.3% during the 4th quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company’s stock valued at $105,614,000 after acquiring an additional 1,164,074 shares in the last quarter. Finally, Norges Bank bought a new stake in Procore Technologies during the 4th quarter worth $86,387,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PCOR shares. Barclays lifted their price target on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. JPMorgan Chase & Co. cut their target price on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler upped their price target on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Macquarie cut their price target on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, KeyCorp increased their price objective on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a 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 issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $89.24.

Procore Technologies Trading Down 0.4 %

Shares of PCOR stock opened at $60.50 on Monday. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a 50 day simple moving average of $71.63 and a two-hundred day simple moving average of $72.33. The company has a market cap of $9.07 billion, a P/E ratio of -84.03 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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 net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Activity

In related news, CFO Howard Fu sold 8,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total value of $696,000.00. Following the transaction, the chief financial officer now directly owns 156,188 shares in the company, valued at $13,588,356. This trade represents a 4.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now directly owns 200 shares of the company’s stock, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,176 shares of company stock worth $5,486,304. Company insiders own 29.00% of the company’s stock.

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.