Peregrine Capital Management LLC Increases Stock Position in Procore Technologies, Inc. $PCOR

Peregrine Capital Management LLC increased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 55.9% in the 3rd quarter, Holdings Channel reports. The firm owned 822,759 shares of the company’s stock after buying an additional 294,868 shares during the period. Procore Technologies accounts for approximately 1.8% of Peregrine Capital Management LLC’s holdings, making the stock its 11th biggest position. Peregrine Capital Management LLC’s holdings in Procore Technologies were worth $59,996,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC grew its position in Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares during the period. Hilltop National Bank purchased a new position in shares of Procore Technologies in the 2nd quarter worth $62,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Procore Technologies in the 2nd quarter worth $68,000. Farther Finance Advisors LLC grew its holdings in shares of Procore Technologies by 304.5% in the third quarter. Farther Finance Advisors LLC now owns 1,537 shares of the company’s stock worth $112,000 after acquiring an additional 1,157 shares during the period. Finally, Bessemer Group Inc. increased its position in Procore Technologies by 19.0% during the second quarter. Bessemer Group Inc. now owns 2,776 shares of the company’s stock valued at $190,000 after acquiring an additional 443 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $82.00 to $90.00 in a research report on Monday. Berenberg Bank initiated coverage on shares of Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 price objective on the stock. Robert W. Baird boosted their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. KeyCorp upped their target price on shares of Procore Technologies from $81.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $85.11.

Procore Technologies Price Performance

NYSE PCOR opened at $73.82 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $53.71 and a 12 month high of $88.92. The stock has a market cap of $11.48 billion, a price-to-earnings ratio of -87.88 and a beta of 0.90. The company’s 50 day moving average is $74.51 and its two-hundred day moving average is $71.82.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm had revenue of $172.21 million during the quarter. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the sale, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. This trade represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 9,615 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $75.13, for a total value of $722,374.95. Following the completion of the transaction, the director directly owned 1,052,519 shares of the company’s stock, valued at approximately $79,075,752.47. This trade represents a 0.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 691,517 shares of company stock worth $50,373,958 in the last three months. 21.50% of the stock is owned by company insiders.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.