Magnetar Financial LLC Makes New $2.83 Million Investment in Procore Technologies, Inc. (NYSE:PCOR)

Magnetar Financial LLC acquired a new position in Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 42,705 shares of the company’s stock, valued at approximately $2,832,000.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Procore Technologies in the 4th quarter worth about $68,005,000. Artisan Partners Limited Partnership increased its stake in shares of Procore Technologies by 81.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock worth $45,200,000 after acquiring an additional 293,613 shares in the last quarter. Orion Portfolio Solutions LLC increased its stake in shares of Procore Technologies by 29.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock worth $6,232,000 after acquiring an additional 17,119 shares in the last quarter. M&G Plc bought a new position in shares of Procore Technologies in the 1st quarter worth about $8,798,000. Finally, Eventide Asset Management LLC bought a new position in shares of Procore Technologies in the 4th quarter worth about $3,302,000. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PCOR shares. 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 report on Friday, August 2nd. Macquarie restated a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research note on Tuesday, July 30th. Scotiabank dropped their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. JMP Securities decreased 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 report on Friday, August 2nd. Finally, DA Davidson cut shares of Procore Technologies from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $90.00 to $60.00 in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.27.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 2,000 shares of the business’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 sale, the insider now owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 108,705 shares of the company’s stock, valued at $7,188,661.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Connor Kevin J. O sold 3,846 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total transaction of $206,337.90. Following the completion of the sale, the director now directly owns 1,444,313 shares of the company’s stock, valued at approximately $77,487,392.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,688 shares of company stock valued at $11,111,941. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Stock Performance

Shares of NYSE PCOR 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. Procore Technologies, Inc. has a 12 month low of $48.11 and a 12 month high of $83.35. The company has a 50 day simple moving average of $60.27 and a two-hundred day simple moving average of $67.17. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of -61.34 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.39 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 business had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $275.26 million. During the same period in the previous year, the business posted ($0.28) EPS. The business’s quarterly revenue was up 24.4% compared to the same quarter last year. As a group, analysts predict that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Procore Technologies Company 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.