Jupiter Topco LLC bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 968,288 shares of the company’s stock, valued at approximately $39,332,000. Jupiter Topco LLC owned 0.64% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently added to or reduced their stakes in PCOR. Route One Investment Company L.P. bought a new stake in shares of Procore Technologies in the 2nd quarter valued at $37,297,000. Canada Pension Plan Investment Board acquired a new position in Procore Technologies in the second quarter valued at $3,176,000. Lead Edge Capital Management LLC bought a new stake in Procore Technologies during the second quarter valued at $20,921,372,000. Legal & General Group Plc bought a new stake in Procore Technologies during the second quarter valued at $4,265,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Procore Technologies during the 2nd quarter worth about $1,722,000. Institutional investors own 81.10% of the company’s stock.
Insider Activity at Procore Technologies
In related news, Director Elisa Steele sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the transaction, the director owned 58,371 shares of the company’s stock, valued at approximately $3,677,373. This trade represents a 2.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $54.98, for a total value of $422,906.16. Following the transaction, the director owned 939,054 shares of the company’s stock, valued at $51,629,188.92. This trade represents a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 224,200 shares of company stock valued at $11,136,134 over the last quarter. 16.80% of the stock is currently owned by company insiders.
Procore Technologies Trading Up 5.5%
Procore Technologies (NYSE:PCOR – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 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 during the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the previous year, the business posted $0.35 EPS. Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.
Analysts Set New Price Targets
Several research analysts have recently weighed in on PCOR shares. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. UBS Group raised their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. The Goldman Sachs Group lowered their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Piper Sandler dropped their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Finally, BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $70.44.
Read Our Latest Stock Analysis on Procore Technologies
Procore Technologies 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. 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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