Cache Advisors LLC Invests $2.91 Million in Procore Technologies, Inc. (NYSE:PCOR)

Cache Advisors LLC bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 38,825 shares of the company’s stock, valued at approximately $2,909,000. Procore Technologies accounts for 1.1% of Cache Advisors LLC’s investment portfolio, making the stock its 20th biggest position.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Procore Technologies by 7.6% during the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after buying an additional 838,925 shares in the last quarter. Capital World Investors raised its stake in shares of Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after acquiring an additional 2,555,612 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after acquiring an additional 2,670,872 shares in the last quarter. Janus Henderson Group PLC boosted its position in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock worth $196,873,000 after purchasing an additional 322,367 shares during the period. Finally, FIL Ltd increased its holdings in Procore Technologies by 4.0% in the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company’s stock valued at $162,746,000 after purchasing an additional 84,216 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PCOR. BMO Capital Markets reduced their price objective on Procore Technologies from $95.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Canaccord Genuity Group boosted their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. decreased their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Mizuho dropped their price objective on shares of Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Finally, JMP Securities boosted their target price on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a research report on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $80.24.

Insiders Place Their Bets

In other news, Director Kathryn Bueker sold 7,000 shares of Procore Technologies stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total value of $507,010.00. Following the completion of the transaction, the director now directly owns 16,932 shares of the company’s stock, valued at approximately $1,226,384.76. The trade was a 29.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 2,642 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $77.05, for a total transaction of $203,566.10. Following the sale, the chief financial officer now owns 147,350 shares in the company, valued at approximately $11,353,317.50. This trade represents a 1.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,623 shares of company stock valued at $3,144,659 in the last quarter. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR stock opened at $67.30 on Friday. The firm has a fifty day moving average of $64.91 and a two-hundred day moving average of $72.70. The firm has a market cap of $10.04 billion, a P/E ratio of -93.47 and a beta of 0.90. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.30 earnings per share. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal 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.