Long Path Partners LP Boosts Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Long Path Partners LP grew its position in Procore Technologies, Inc. (NYSE:PCOR) by 447.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 338,503 shares of the company’s stock after acquiring an additional 276,721 shares during the period. Procore Technologies comprises about 8.9% of Long Path Partners LP’s portfolio, making the stock its 4th largest holding. Long Path Partners LP owned 0.23% of Procore Technologies worth $22,446,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Procore Technologies in the 4th quarter valued at $68,005,000. Artisan Partners Limited Partnership raised its position in shares of Procore Technologies by 81.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after purchasing an additional 293,613 shares during the period. Orion Portfolio Solutions LLC raised 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 purchasing an additional 17,119 shares during the period. M&G Plc acquired a new stake in shares of Procore Technologies during the 1st quarter worth about $8,798,000. Finally, Eventide Asset Management LLC bought a new stake in shares of Procore Technologies during the 4th quarter worth about $3,302,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on PCOR. Stifel Nicolaus cut their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. JMP Securities decreased their price objective on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a report on Friday, August 2nd. Mizuho reiterated a “neutral” rating and set a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Finally, TD Cowen assumed coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 target price for the company. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $69.27.

Insider Activity at Procore Technologies

In other Procore Technologies 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 owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $1,359,806.02. Following the completion of the transaction, the chief executive officer now owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. 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 stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $65.59, for a total value 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. Insiders have sold 178,688 shares of company stock valued at $11,111,941 over the last ninety days. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $58.89 on Tuesday. 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 $8.70 billion, a PE ratio of -61.34 and a beta of 0.73. The company has a 50 day moving average of $60.27 and a 200-day moving average of $67.17. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35.

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

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.