Intech Investment Management LLC Buys New Stake in Procore Technologies, Inc. (NYSE:PCOR)

Intech Investment Management LLC bought a new position in Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 28,864 shares of the company’s stock, valued at approximately $1,914,000.

A number of other hedge funds also recently bought and sold shares of PCOR. Norges Bank bought a new position in shares of Procore Technologies in the fourth quarter worth about $68,005,000. Artisan Partners Limited Partnership lifted its holdings in shares of Procore Technologies by 81.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock worth $45,200,000 after buying an additional 293,613 shares during the last quarter. Orion Portfolio Solutions LLC boosted its position in shares of Procore Technologies by 29.2% in the first quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock valued at $6,232,000 after acquiring an additional 17,119 shares during the period. M&G Plc acquired a new stake in shares of Procore Technologies in the first quarter worth $8,798,000. Finally, Eventide Asset Management LLC bought a new position in Procore Technologies during the fourth quarter worth $3,302,000. 81.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $160,091.98. Following the transaction, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was 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 directly owns 527,349 shares in the company, valued at approximately $34,588,820.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now owns 79,156 shares in the company, valued at $4,681,285.84. The disclosure for this sale can be found here. Insiders sold a total of 178,688 shares of company stock valued at $11,111,941 over the last ninety days. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR stock opened at $58.89 on Tuesday. 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 firm’s 50 day moving average is $60.27 and its 200-day moving average is $67.17. The firm has a market capitalization of $8.70 billion, a price-to-earnings ratio of -61.34 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 (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. The business had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.28) earnings per share. Sell-side analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on PCOR. The Goldman Sachs Group decreased their price target on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Mizuho reissued a “neutral” rating and set a $70.00 target price (down from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. JMP Securities cut their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a report on Friday, August 2nd. Macquarie reiterated a “neutral” rating and issued a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, Stifel Nicolaus lowered their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $69.27.

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.