Renaissance Technologies LLC Has $36.46 Million Stake in Procore Technologies, Inc. (NYSE:PCOR)

Renaissance Technologies LLC lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 135.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 549,900 shares of the company’s stock after buying an additional 316,100 shares during the period. Renaissance Technologies LLC owned about 0.38% of Procore Technologies worth $36,464,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Procore Technologies in the 4th quarter valued at approximately $68,005,000. Artisan Partners Limited Partnership lifted 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 worth $45,200,000 after purchasing an additional 293,613 shares in the last quarter. Orion Portfolio Solutions LLC lifted 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 worth $6,232,000 after purchasing an additional 17,119 shares in the last quarter. M&G Plc bought a new position in Procore Technologies in the first quarter valued at $8,798,000. Finally, Eventide Asset Management LLC acquired a new stake in Procore Technologies in the 4th quarter valued at $3,302,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $56.86 on Thursday. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of -59.23 and a beta of 0.73. The company has a 50-day simple moving average of $60.72 and a 200 day simple moving average of $67.62. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The business’s revenue was up 24.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.28) earnings per share. On average, sell-side analysts predict that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction on 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 sale, the chief executive officer now owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’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 transaction, the chief executive officer now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider now owns 106,705 shares of the company’s stock, valued at $7,469,350. The disclosure for this sale can be found here. Insiders have sold a total of 164,586 shares of company stock valued at $10,291,025 in the last ninety days. 29.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of recent research reports. Barclays downgraded shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $78.00 to $54.00 in a research note on Friday, August 2nd. BMO Capital Markets decreased their price target on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Piper Sandler dropped their price objective on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. JMP Securities decreased their target price on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. Finally, TD Cowen started coverage on shares of Procore Technologies in a report on Wednesday, June 12th. They set a “buy” rating and a $85.00 target price on the stock. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.31.

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.