Meritage Group LP Grows Position in Procore Technologies, Inc. (NYSE:PCOR)

Meritage Group LP boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 66.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,745,504 shares of the company’s stock after purchasing an additional 1,098,019 shares during the quarter. Procore Technologies comprises about 4.0% of Meritage Group LP’s investment portfolio, making the stock its 12th largest position. Meritage Group LP’s holdings in Procore Technologies were worth $169,453,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its position in Procore Technologies by 76.4% during the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Procore Technologies in the third quarter valued at about $26,000. Signaturefd LLC lifted its position in shares of Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Procore Technologies during the second quarter valued at about $51,000. Finally, International Assets Investment Management LLC grew its position in shares of Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after buying an additional 789 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. UBS Group began coverage on shares of Procore Technologies in a report on Monday, December 2nd. They issued a “buy” rating and a $105.00 price target on the stock. Jefferies Financial Group increased their price target on Procore Technologies from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, November 18th. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Barclays lifted their target price on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Finally, Robert W. Baird began coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective for the company. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.65.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $83.00 on Monday. The business has a fifty day moving average of $68.70 and a two-hundred day moving average of $64.83. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $86.67.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kathryn Bueker sold 6,500 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $78.01, for a total value of $507,065.00. Following the transaction, the director now directly owns 23,932 shares of the company’s stock, valued at $1,866,935.32. The trade was a 21.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,553 shares of company stock valued at $7,933,974 over the last quarter. 29.00% of the stock is owned by company insiders.

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.