Sonoma Private Wealth LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 8,648 shares of the company’s stock, valued at approximately $351,000.
Several other institutional investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its position in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies in the third quarter valued at about $34,000. Twin Tree Management LP bought a new stake in shares of Procore Technologies in the second quarter valued at about $40,000. Allworth Financial LP grew its stake in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Procore Technologies in the second quarter valued at about $52,000. 81.10% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
PCOR has been the subject of several analyst reports. TD Cowen dropped their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. BMO Capital Markets raised their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. UBS Group boosted their price target on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Guggenheim started coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.44.
Procore Technologies Trading Down 2.3%
NYSE PCOR opened at $60.66 on Wednesday. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of -233.29 and a beta of 0.70. The firm’s 50 day simple moving average is $48.95 and its 200 day simple moving average is $51.28. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32.
Procore Technologies (NYSE:PCOR – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same period last year, the firm posted $0.35 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.
Insiders Place Their Bets
In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the transaction, the chairman owned 919,704 shares in the company, valued at $41,515,438.56. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the transaction, the insider directly owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. The trade was a 4.34% 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 228,142 shares of company stock worth $11,333,234. 16.80% of the stock is currently 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. 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.
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