Meritage Group LP Purchases 1,098,019 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Meritage Group LP boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 66.6% in the third quarter, according to the company in its most recent 13F filing 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 period. Procore Technologies accounts for about 4.0% of Meritage Group LP’s portfolio, making the stock its 12th biggest holding. Meritage Group LP owned about 1.85% of Procore Technologies worth $169,453,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Dragoneer Investment Group LLC grew its position in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after buying an additional 1,609,607 shares during the last quarter. Wasatch Advisors LP increased its position in Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. bought a new position in Procore Technologies during the 3rd quarter worth approximately $88,572,000. XN LP lifted its position in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares during the period. Finally, PointState Capital LP acquired a new stake in shares of Procore Technologies during the third quarter worth $81,306,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of PCOR opened at $83.00 on Monday. The company has a 50-day simple moving average of $68.70 and a two-hundred day simple 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 one year low of $49.46 and a one year high of $86.67.

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

Insider Buying and Selling at Procore Technologies

In related news, insider Steven Scott Davis sold 9,671 shares of Procore Technologies stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $65.00, for a total transaction of $628,615.00. Following the transaction, the insider now directly owns 192,137 shares in the company, valued at approximately $12,488,905. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 8,974 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the sale, the director now directly owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. This represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,553 shares of company stock worth $7,933,974. Insiders own 29.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PCOR. Stifel Nicolaus upped their price target on Procore Technologies from $70.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. DA Davidson raised their price objective on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. BMO Capital Markets boosted their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Baird R W raised Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Finally, Scotiabank increased their price target on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.65.

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.