Should You Add Procore Technologies (PCOR) for the Long Term?
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio had a positive absolute return in Q4 but underperformed the Russell 2000 Growth Index due to security selection, particularly in the healthcare and information technology sectors. In the fourth quarter, its Investor Class fund ARTSX returned 9.18%, Advisor Class fund APDSX posted a return of 9.26%, and Institutional Class fund APHSX returned 9.28%, compared to a return of 12.75% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund featured stocks like Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter 2023 investor letter. Based in Carpinteria, California, Procore Technologies, Inc. (NYSE:PCOR) provides a cloud-based construction management platform. On March 11, 2024, Procore Technologies, Inc. (NYSE:PCOR) stock closed at $79.78 per share. One-month return of Procore Technologies, Inc. (NYSE:PCOR) was 11.61%, and its shares gained 33.61% of their value over the last 52 weeks. Procore Technologies, Inc. (NYSE:PCOR) has a market capitalization of $11.561 billion.
Artisan Small Cap Fund stated the following regarding Procore Technologies, Inc. (NYSE:PCOR) in its fourth quarter 2023 investor letter:
"Notable adds in the quarter included CCC Intelligent Solutions, Procore Technologies, Inc. (NYSE:PCOR) and Smartsheet. Procore Technologies is a construction management software company with several products used for project management, quality and safety, and project financials. Its customers include building owners, general contractors and sub-contractors. Our conviction grew at a recent analyst day event where we spoke with customers and test drove its software applications. Construction is a cyclical industry. However, over time we believe a few factors will help make the company’s profit cycle more stable than its end market, including an ongoing digitalization trend within the construction industry, a diverse client base, large backlogs, high customer retention and the ability to cross-sell products that improve efficiency and margins. Furthermore, the company has access to a lot of data and is exploring AI as a way to help customers become more efficient, potentially enhancing its value proposition and pricing power. Recent earnings results highlighted some macro headwinds; however, we used it as an opportunity to build the position given our longer term conviction."
A computer monitor displaying cloud-based construction management platform software.
Procore Technologies, Inc. (NYSE:PCOR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Procore Technologies, Inc. (NYSE:PCOR) was held by 50 hedge fund portfolios, compared to 43 in the previous quarter, according to our database.
We discussed Procore Technologies, Inc. (NYSE:PCOR) in another article and shared the list of best mid-cap growth stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
