What Makes Procore Technologies (PCOR) an Attractive Investment Bet?

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Procore Technologies, Inc. (NYSE:PCOR) in the first quarter 2023 investor letter. Based in Carpinteria, California, Procore Technologies, Inc. (NYSE:PCOR) provides cloud-based construction management platform. On May 26, 2023, Procore Technologies, Inc. (NYSE:PCOR) stock closed at $58.69 per share. One-month return of Procore Technologies, Inc. (NYSE:PCOR) was 9.89%, and its shares gained 20.94% of their value over the last 52 weeks. Procore Technologies, Inc. (NYSE:PCOR) has a market capitalization of $8.246 billion.

Conestoga Mid Cap Strategy made the following comment about Procore Technologies, Inc. (NYSE:PCOR) in its Q1 2023 investor letter:

“Procore Technologies, Inc. (NYSE:PCOR): PCOR is a market leader in cloud-based construction project management software sold to building owners, general contractors, and sub-contractors. The company’s software suite contains 13 different applications, most internally developed, that seek to connect all the stakeholders in a particular project. PCOR offers an open platform, and its software suite is integrated with over 350 different applications. There is a strong need for PCOR’s products given that it is estimated that 35% of all a contractor’s time is wasted on rework, (96% of all construction data not used) and conflict resolution.”

Procore Technologies, Inc. (NYSE:PCOR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Procore Technologies, Inc. (NYSE:PCOR) at the end of the first quarter 2023 which was 38 in the previous quarter.

We discussed Procore Technologies, Inc. (NYSE:PCOR) in another article and shared the list of best IPO stocks to buy heading into 2023. In addition, please check out our hedge fund investor letters Q1 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.