Two Sigma Securities LLC Purchases New Shares in Procore Technologies, Inc. $PCOR

Two Sigma Securities LLC acquired a new position in Procore Technologies, Inc. (NYSE:PCOR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,730 shares of the company’s stock, valued at approximately $517,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PCOR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Procore Technologies by 4.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 330,373 shares of the company’s stock worth $13,420,000 after buying an additional 13,597 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Procore Technologies by 8.2% in the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after acquiring an additional 260,314 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Procore Technologies during the second quarter valued at approximately $370,000. Jefferies Financial Group Inc. bought a new stake in Procore Technologies during the second quarter worth $2,192,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Procore Technologies during the second quarter worth $1,412,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $54.98, for a total transaction of $422,906.16. Following the sale, the director directly owned 939,054 shares of the company’s stock, valued at $51,629,188.92. This represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the transaction, the insider owned 86,931 shares of the company’s stock, valued at $5,507,078.85. This represents a 4.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 224,200 shares of company stock worth $11,136,134 in the last ninety days. 16.80% of the stock is owned by corporate insiders.

Procore Technologies Trading Down 1.4%

Shares of NYSE PCOR opened at $59.53 on Thursday. The stock has a fifty day simple moving average of $51.63 and a two-hundred day simple moving average of $51.76. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of -228.95 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last issued its 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 positive return on equity of 0.71% and a negative net margin of 2.73%.The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same period in the previous year, the company posted $0.35 earnings per share. The business’s revenue was up 15.8% on a year-over-year basis. Analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Analyst Ratings Changes

PCOR has been the topic of several research analyst reports. The Goldman Sachs Group cut their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. BMO Capital Markets raised their target price on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, UBS Group raised their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.44.

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. 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.