Sone Capital Management LLC Takes Position in Procore Technologies, Inc. $PCOR

Sone Capital 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 filing with the SEC. The fund bought 409,648 shares of the company’s stock, valued at approximately $16,640,000. Sone Capital Management LLC owned 0.27% of Procore Technologies as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PCOR. BlackRock Inc. purchased a new position in shares of Procore Technologies in the 2nd quarter valued at $300,345,000. Deutsche Bank AG purchased a new position in Procore Technologies in the second quarter valued at about $114,444,000. Assenagon Asset Management S.A. lifted its stake in shares of Procore Technologies by 95.3% during the second 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. Wasatch Advisors LP lifted its stake in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after buying an additional 1,486,153 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Trading Down 2.2%

PCOR stock opened at $62.10 on Tuesday. The firm has a 50 day simple moving average of $48.57 and a 200-day simple moving average of $51.23. The company has a market capitalization of $9.44 billion, a P/E ratio of -238.87 and a beta of 0.70. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same period in the prior year, the company posted $0.35 earnings per share. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. On average, research analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares in the company, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 3,943 shares of Procore Technologies stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the transaction, the insider directly owned 86,931 shares of the company’s stock, valued at $5,507,078.85. This trade represents a 4.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 228,142 shares of company stock worth $11,333,234. Company insiders own 16.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Piper Sandler lowered their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. TD Cowen lowered their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. BMO Capital Markets boosted their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.44.

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.