Quarry LP Purchases 1,024 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Quarry LP increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 984.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,128 shares of the company’s stock after purchasing an additional 1,024 shares during the period. Quarry LP’s holdings in Procore Technologies were worth $75,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in shares of Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the period. Rothschild Investment LLC bought a new stake in shares of Procore Technologies during the 2nd quarter worth approximately $51,000. Advisors Asset Management Inc. boosted its holdings 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 during the period. BI Asset Management Fondsmaeglerselskab A S grew its position in Procore Technologies by 30.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after acquiring an additional 297 shares during the last quarter. Finally, Covestor Ltd increased its stake in Procore Technologies by 29.3% in the first quarter. Covestor Ltd now owns 1,324 shares of the company’s stock worth $109,000 after purchasing an additional 300 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

PCOR stock opened at $59.29 on Thursday. Procore Technologies, Inc. has a one year low of $48.11 and a one year high of $83.35. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of -61.76 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a 50-day simple moving average of $59.05 and a two-hundred day simple moving average of $66.36.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.14. The company 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%. Procore Technologies’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.28) earnings per share. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the transaction, the insider now directly owns 106,705 shares of the company’s stock, valued at approximately $7,469,350. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Connor Kevin J. O sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $57.53, for a total value of $1,438,250.00. Following the completion of the transaction, the director now directly owns 1,380,078 shares in the company, valued at $79,395,887.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the insider now directly owns 106,705 shares of the company’s stock, valued at approximately $7,469,350. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,890 shares of company stock worth $5,947,691. Insiders own 29.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. BMO Capital Markets cut their price target on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Robert W. Baird began coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price on the stock. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. The Goldman Sachs Group dropped their price objective on Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their target price on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

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.