MQS Management LLC Acquires Shares of 5,341 Procore Technologies, Inc. (NYSE:PCOR)

MQS Management LLC bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,341 shares of the company’s stock, valued at approximately $354,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Tanager Wealth Management LLP increased its holdings in Procore Technologies by 1.2% during the 2nd quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after purchasing an additional 150 shares in the last quarter. Taylor Frigon Capital Management LLC grew its holdings in Procore Technologies by 0.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after buying an additional 180 shares in the last quarter. Signaturefd LLC raised its position in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after acquiring an additional 260 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after acquiring an additional 297 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PCOR shares. Mizuho reiterated a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Piper Sandler dropped their target price on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. KeyCorp reduced their target price on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Macquarie reiterated a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. cut their price objective on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Seven research 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.31.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $60.02 on Friday. 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, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The stock has a market cap of $8.86 billion, a PE ratio of -62.52 and a beta of 0.73. The stock has a fifty day moving average of $60.72 and a 200-day moving average of $67.62.

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

Insider Activity

In related 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 value of $132,260.00. Following the transaction, the insider now directly owns 108,705 shares in the company, valued at $7,188,661.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction 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 directly owns 108,705 shares in the company, valued at $7,188,661.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 79,156 shares in the company, valued at approximately $4,681,285.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 178,688 shares of company stock worth $11,111,941. 29.00% of the stock is currently owned by insiders.

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.