Procore Technologies, Inc. (NYSE:PCOR) Shares Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 8.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,321 shares of the company’s stock after purchasing an additional 4,143 shares during the quarter. Edgestream Partners L.P.’s holdings in Procore Technologies were worth $3,668,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Signaturefd LLC lifted its holdings in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Procore Technologies during the 2nd quarter worth about $51,000. Advisors Asset Management Inc. lifted 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 worth $103,000 after buying an additional 260 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after buying an additional 297 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock worth $109,000 after buying an additional 300 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PCOR has been the subject of a number of recent analyst reports. KeyCorp decreased their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Macquarie reissued a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. Mizuho reissued a “neutral” rating and issued a $70.00 target price (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Scotiabank reduced their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, DA Davidson downgraded Procore Technologies from a “buy” rating to a “neutral” rating and reduced their target price for the company from $90.00 to $60.00 in a report on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $69.31.

Procore Technologies Stock Down 1.1 %

PCOR opened at $57.48 on Wednesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average price of $60.87 and a two-hundred day moving average price of $67.70. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35. The company has a market cap of $8.49 billion, a PE ratio of -59.87 and a beta of 0.73.

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 the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The company had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $275.26 million. During the same quarter in the previous year, the firm posted ($0.28) EPS. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the transaction, the insider now owns 106,705 shares in the company, valued at approximately $7,469,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the sale, the chief financial officer now owns 182,561 shares in the company, valued at approximately $11,866,465. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the sale, the insider now owns 106,705 shares in the company, valued at approximately $7,469,350. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,586 shares of company stock worth $10,291,025. Company insiders own 29.00% of the company’s stock.

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.