Quantitative Investment Management LLC Invests $341,000 in Procore Technologies, Inc. $PCOR

Quantitative Investment Management LLC bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 8,404 shares of the company’s stock, valued at approximately $341,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Procore Technologies in the second quarter valued at about $300,345,000. Wasatch Advisors LP grew its stake in Procore Technologies by 6.8% in the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after acquiring an additional 315,604 shares during the period. Assenagon Asset Management S.A. increased its holdings in Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Wellington Management Group LLP grew its position in Procore Technologies by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after buying an additional 127,256 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,943 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the completion of the transaction, the insider directly owned 86,931 shares in the company, valued at $5,507,078.85. The trade was a 4.34% decrease in their position. The sale 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 15,386 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the sale, the director owned 946,746 shares in the company, valued at approximately $52,004,757.78. This represents a 1.60% 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 sold a total of 224,200 shares of company stock valued at $11,136,134 over the last ninety days. 16.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on PCOR. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. TD Cowen cut their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. BMO Capital Markets increased their price objective on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Finally, Guggenheim assumed coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Price Performance

PCOR stock opened at $59.53 on Thursday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a market cap of $9.05 billion, a P/E ratio of -228.95 and a beta of 0.74. The firm has a 50-day moving average of $51.63 and a 200 day moving average of $51.76.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal 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.