Hillsdale Investment Management Inc. Makes New $3.18 Million Investment in Procore Technologies, Inc. $PCOR

Hillsdale Investment Management Inc. acquired a new position in Procore Technologies, Inc. (NYSE:PCOR) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 55,800 shares of the company’s stock, valued at approximately $3,181,000.

A number of other large investors also recently modified their holdings of PCOR. SJS Investment Consulting Inc. raised its position in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the 3rd quarter worth $34,000. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 4th quarter worth $41,000. Allworth Financial LP boosted its holdings in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new stake in shares of Procore Technologies in the 4th quarter worth $54,000. Institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total transaction of $241,894.17. Following the sale, the director owned 967,901 shares of the company’s stock, valued at approximately $40,584,088.93. The trade was a 0.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 189,621 shares of company stock valued at $8,791,847. Company insiders own 16.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PCOR shares. Barclays lowered their target price on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a report on Monday. BTIG Research reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Finally, Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Fourteen 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

Procore Technologies Trading Up 1.4%

NYSE PCOR opened at $43.64 on Thursday. The stock has a market capitalization of $6.59 billion, a price-to-earnings ratio of -85.58 and a beta of 0.75. Procore Technologies, Inc. has a one year low of $38.03 and a one year 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 business’s fifty day moving average is $45.23 and its 200-day moving average is $54.00.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analysts’ expectations of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period last year, the firm posted $0.23 earnings per share. Equities research analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current year.

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.