RGM Capital LLC Buys New Position in Procore Technologies, Inc. (NYSE:PCOR)

RGM Capital LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 666,606 shares of the company’s stock, valued at approximately $44,203,000. Procore Technologies comprises approximately 1.8% of RGM Capital LLC’s investment portfolio, making the stock its 20th largest holding. RGM Capital LLC owned 0.45% of Procore Technologies at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PCOR. Norges Bank acquired a new stake in Procore Technologies during the fourth quarter worth approximately $68,005,000. Artisan Partners Limited Partnership boosted 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 purchasing an additional 293,613 shares during the last quarter. Orion Portfolio Solutions LLC grew 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 position in Procore Technologies in the first quarter valued at $8,798,000. Finally, Eventide Asset Management LLC purchased a new position in Procore Technologies during the fourth quarter worth about $3,302,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on PCOR. DA Davidson cut Procore Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the company from $90.00 to $60.00 in a report on Friday, August 2nd. KeyCorp lowered their target price on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price target 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. JMP Securities lowered their price objective 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 Procore Technologies in a research report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 target price on the stock. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.27.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $59.49 on Friday. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of -61.97 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. The business has a 50-day moving average of $60.47 and a 200-day moving average of $67.44.

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, beating the consensus estimate 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 last year, the company earned ($0.28) earnings per share. Procore Technologies’s revenue for the quarter was up 24.4% on a year-over-year basis. On average, equities analysts anticipate that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,681,285.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Steven Scott Davis sold 7,641 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $496,665.00. Following the completion of the sale, the insider now owns 209,837 shares of the company’s stock, valued at $13,639,405. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the company’s stock in a transaction 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 directly owns 79,156 shares in the company, valued at $4,681,285.84. The disclosure for this sale can be found here. Insiders have sold 178,688 shares of company stock valued at $11,111,941 in the last quarter. Company insiders own 29.00% of the company’s stock.

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.