Inceptionr LLC Takes Position in Procore Technologies, Inc. $PCOR

Inceptionr LLC acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 18,316 shares of the company’s stock, valued at approximately $1,332,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after purchasing an additional 804,920 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after purchasing an additional 127,256 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after purchasing an additional 1,486,153 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $43.59 on Thursday. The company’s fifty day moving average price is $51.58 and its 200 day moving average price is $59.78. Procore Technologies, Inc. has a 12 month low of $43.49 and a 12 month high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $6.58 billion, a P/E ratio of -85.47 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. Procore Technologies’s revenue was up 15.7% compared to the same quarter last year. As a group, sell-side analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. DA Davidson reduced their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. BTIG Research restated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, May 6th. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. UBS Group cut their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group cut their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $72.56.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the transaction, the director owned 990,983 shares in the company, valued at approximately $50,609,501.81. This represents a 0.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 121,955 shares of company stock worth $6,030,964 in the last ninety days. 16.80% of the stock is owned by corporate insiders.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.