Ariadne Wealth Management LP Makes New Investment in Procore Technologies, Inc. (NYSE:PCOR)

Ariadne Wealth Management LP purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 7,550 shares of the company’s stock, valued at approximately $501,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in Procore Technologies by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 326,124 shares of the company’s stock valued at $22,577,000 after purchasing an additional 46,646 shares in the last quarter. Corient Private Wealth LLC increased its position in Procore Technologies by 39.4% in the 4th quarter. Corient Private Wealth LLC now owns 10,459 shares of the company’s stock valued at $724,000 after acquiring an additional 2,958 shares during the period. US Bancorp DE lifted its position in shares of Procore Technologies by 36.4% in the 4th quarter. US Bancorp DE now owns 19,144 shares of the company’s stock worth $1,325,000 after purchasing an additional 5,113 shares during the period. Hsbc Holdings PLC boosted its position in shares of Procore Technologies by 7.4% during the 4th quarter. Hsbc Holdings PLC now owns 24,519 shares of the company’s stock valued at $1,719,000 after purchasing an additional 1,697 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in Procore Technologies by 2.4% in the fourth quarter. Treasurer of the State of North Carolina now owns 35,293 shares of the company’s stock valued at $2,443,000 after purchasing an additional 830 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 3,846 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total value of $206,337.90. Following the completion of the sale, the director now directly owns 1,444,313 shares in the company, valued at $77,487,392.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Connor Kevin J. O sold 3,846 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total value of $206,337.90. Following the sale, the director now directly owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the sale, the director now directly owns 1,360,848 shares in the company, valued at $79,582,391.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,890 shares of company stock worth $5,947,691. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR opened at $61.74 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 firm’s fifty day simple moving average is $59.45 and its 200-day simple moving average is $66.55. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of -64.31 and a beta of 0.73. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35.

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 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 for the quarter, compared to the consensus estimate of $275.26 million. During the same period last year, the firm posted ($0.28) EPS. Procore Technologies’s revenue for the quarter was up 24.4% on a year-over-year basis. Equities analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PCOR. JPMorgan Chase & Co. cut their target price on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Robert W. Baird initiated coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target on the stock. TD Cowen initiated coverage on Procore Technologies in a research note on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, Mizuho restated 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. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

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.