Westfield Capital Management Co. LP Sells 434,940 Shares of Procore Technologies, Inc. $PCOR

Westfield Capital Management Co. LP lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 28.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,105,325 shares of the company’s stock after selling 434,940 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Procore Technologies were worth $80,401,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in PCOR. Brighton Jones LLC bought a new position in shares of Procore Technologies during the fourth quarter worth approximately $511,000. Goldman Sachs Group Inc. grew its position in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares in the last quarter. Prudential Financial Inc. grew its position in Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after buying an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after buying an additional 269 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. TD Cowen reduced their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Zacks Research raised Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. UBS Group reduced their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Finally, Piper Sandler reduced their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.56.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the sale, the director owned 990,983 shares of the company’s stock, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 185,768 shares of company stock valued at $9,683,136. 16.80% of the stock is currently owned by corporate insiders.

Procore Technologies Trading Down 0.0%

Shares of PCOR stock opened at $50.63 on Friday. The stock’s fifty day moving average price is $52.35 and its two-hundred day moving average price is $60.50. The company has a market cap of $7.64 billion, a PE ratio of -99.28 and a beta of 0.73. Procore Technologies, Inc. has a fifty-two week low of $45.02 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. Equities analysts predict that Procore Technologies, Inc. will post 0.06 EPS 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. 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.