Bwcp LP Boosts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Bwcp LP raised its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 7.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,654 shares of the company’s stock after buying an additional 15,038 shares during the period. Procore Technologies comprises about 3.5% of Bwcp LP’s holdings, making the stock its 16th largest position. Bwcp LP owned 0.14% of Procore Technologies worth $13,770,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Marshall Wace LLP acquired a new stake in Procore Technologies during the second quarter worth approximately $15,701,000. Long Path Partners LP raised its stake in Procore Technologies by 447.9% during the 2nd quarter. Long Path Partners LP now owns 338,503 shares of the company’s stock worth $22,446,000 after acquiring an additional 276,721 shares in the last quarter. Xponance Inc. raised its stake in Procore Technologies by 33.7% during the 2nd quarter. Xponance Inc. now owns 14,067 shares of the company’s stock worth $933,000 after acquiring an additional 3,545 shares in the last quarter. Bank of Montreal Can purchased a new stake in Procore Technologies in the second quarter valued at $25,627,000. Finally, Magnetar Financial LLC acquired a new position in Procore Technologies in the second quarter valued at $2,832,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on PCOR. Piper Sandler reduced their target price on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Scotiabank reduced their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Mizuho restated a “neutral” rating and set a $70.00 target price (down from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Stifel Nicolaus reduced their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the transaction, the director now directly owns 1,360,848 shares in the company, valued at approximately $79,582,391.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the sale, the insider now directly owns 108,705 shares in the company, valued at $7,188,661.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the sale, the director now owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. The disclosure for this sale can be found here. Insiders sold 178,688 shares of company stock valued at $11,111,941 in the last 90 days. 29.00% of the stock is currently owned by insiders.

Procore Technologies Stock Performance

PCOR stock opened at $61.15 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The company’s 50-day moving average price is $60.06 and its 200 day moving average price is $67.05. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.25 by $0.14. The business had revenue of $284.30 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 24.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.28) EPS. On average, equities analysts expect 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.