Seven Eight Capital LP Has $2.22 Million Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Seven Eight Capital LP increased its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 102.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,509 shares of the company’s stock after purchasing an additional 16,993 shares during the period. Seven Eight Capital LP’s holdings in Procore Technologies were worth $2,222,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Hsbc Holdings PLC grew its holdings in Procore Technologies by 916.7% during the 2nd quarter. Hsbc Holdings PLC now owns 62,332 shares of the company’s stock worth $4,086,000 after acquiring an additional 56,201 shares during the period. Blair William & Co. IL grew its holdings in Procore Technologies by 696.4% during the 2nd quarter. Blair William & Co. IL now owns 609,275 shares of the company’s stock worth $40,401,000 after acquiring an additional 532,771 shares during the period. XN LP grew its holdings in Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares during the period. Amalgamated Bank grew its holdings in Procore Technologies by 30.4% during the 2nd quarter. Amalgamated Bank now owns 7,114 shares of the company’s stock worth $472,000 after acquiring an additional 1,659 shares during the period. Finally, EPIQ Capital Group LLC boosted its position in shares of Procore Technologies by 159.0% during the second quarter. EPIQ Capital Group LLC now owns 13,470 shares of the company’s stock worth $893,000 after purchasing an additional 8,269 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $56.86 on Thursday. The company has a 50 day moving average of $60.72 and a 200-day moving average of $67.62. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The company has a market cap of $8.40 billion, a PE ratio of -59.23 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same quarter in the prior year, the firm posted ($0.28) EPS. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, equities research analysts forecast that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Benjamin C. Singer sold 2,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $66.13, for a total value of $132,260.00. Following the completion of the transaction, the insider now owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the completion of the transaction, the chief executive officer now owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 164,586 shares of company stock valued at $10,291,025. Company insiders own 29.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PCOR shares. TD Cowen began coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price objective on the stock. DA Davidson lowered shares of Procore Technologies from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $90.00 to $60.00 in a research note on Friday, August 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Barclays lowered shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $78.00 to $54.00 in a research note on Friday, August 2nd. Finally, Mizuho reiterated a “neutral” rating and issued a $70.00 price target (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.31.

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.