Massachusetts Financial Services Co. MA Purchases 63,214 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Massachusetts Financial Services Co. MA grew its position in Procore Technologies, Inc. (NYSE:PCOR) by 10.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 650,210 shares of the company’s stock after acquiring an additional 63,214 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.45% of Procore Technologies worth $45,008,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PCOR. Vanguard Group Inc. lifted its position in Procore Technologies by 13.2% in the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after purchasing an additional 995,757 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Procore Technologies by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after buying an additional 114,649 shares in the last quarter. Cadian Capital Management LP lifted its holdings in shares of Procore Technologies by 9.1% during the 3rd quarter. Cadian Capital Management LP now owns 3,026,123 shares of the company’s stock worth $197,666,000 after acquiring an additional 253,000 shares during the period. Invesco Ltd. boosted its position in shares of Procore Technologies by 32.8% during the 3rd quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock valued at $156,654,000 after acquiring an additional 592,318 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in Procore Technologies by 4,290.2% in the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after acquiring an additional 1,303,804 shares during the period. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Canaccord Genuity Group decreased their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. KeyCorp boosted their price target on Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. BMO Capital Markets dropped their price objective on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. Piper Sandler reduced their target price on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Finally, Barclays dropped their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $81.79.

Insider Buying and Selling at Procore Technologies

In other news, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $82.15, for a total transaction of $246,450.00. Following the completion of the sale, the insider now owns 125,321 shares in the company, valued at approximately $10,295,120.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares in the company, valued at $36,557,479.53. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $82.15, for a total value of $246,450.00. Following the transaction, the insider now owns 125,321 shares of the company’s stock, valued at $10,295,120.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 511,146 shares of company stock worth $39,475,882. Company insiders own 39.20% of the company’s stock.

Procore Technologies Trading Down 2.1 %

PCOR stock opened at $69.25 on Friday. The company has a 50 day moving average price of $74.67 and a 200 day moving average price of $69.22. Procore Technologies, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.13. The company had revenue of $260.04 million during the quarter, compared to the consensus estimate of $248.20 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.35 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.