Millennium Management LLC Has $60.64 Million Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Millennium Management LLC boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 1,016.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 914,534 shares of the company’s stock after purchasing an additional 832,583 shares during the quarter. Millennium Management LLC’s holdings in Procore Technologies were worth $60,643,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PCOR. Dragoneer Investment Group LLC lifted its stake in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the period. XN LP lifted its stake in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the period. Meritage Group LP acquired a new position in shares of Procore Technologies in the 1st quarter valued at $106,738,000. William Blair Investment Management LLC acquired a new position in shares of Procore Technologies in the 1st quarter valued at $91,158,000. Finally, Robeco Schweiz AG acquired a new position in shares of Procore Technologies in the 4th quarter valued at $60,914,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Activity

In other news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $1,359,806.02. Following the completion of the transaction, the chief executive officer now owns 793,123 shares in the company, valued at approximately $46,905,294.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Howard Fu sold 1,142 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $68.68, for a total value of $78,432.56. Following the completion of the sale, the chief financial officer now directly owns 181,419 shares in the company, valued at approximately $12,459,856.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the sale, the chief executive officer now owns 793,123 shares of the company’s stock, valued at $46,905,294.22. The disclosure for this sale can be found here. Insiders sold 99,890 shares of company stock worth $5,947,691 in the last quarter. Corporate insiders own 29.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of analyst reports. KeyCorp cut their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock 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. Macquarie reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research note on Tuesday, July 30th. BMO Capital Markets dropped their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, JMP Securities dropped their price objective on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Procore Technologies Price Performance

PCOR stock opened at $61.74 on Tuesday. The stock has a 50-day moving average price of $59.45 and a two-hundred day moving average price of $66.55. The stock has a market cap of $9.03 billion, a PE ratio of -64.31 and a beta of 0.73. 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 1 year low of $48.11 and a 1 year high of $83.35.

Procore Technologies (NYSE:PCOR) last released its earnings results 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 firm 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 company’s revenue was up 24.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.28) EPS. Equities analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

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.