Segall Bryant & Hamill LLC Raises Stock Holdings in Procore Technologies, Inc. $PCOR

Segall Bryant & Hamill LLC boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 4.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 500,152 shares of the company’s stock after purchasing an additional 21,266 shares during the quarter. Segall Bryant & Hamill LLC’s holdings in Procore Technologies were worth $28,509,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. grew its position in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the 3rd quarter valued at about $34,000. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 4th quarter valued at about $41,000. Allworth Financial LP boosted its stake in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies during the fourth quarter worth about $54,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 2.2%

Shares of NYSE PCOR opened at $55.00 on Friday. The firm’s 50 day moving average price is $44.86 and its 200-day moving average price is $51.91. The company has a market cap of $8.30 billion, a PE ratio of -211.52 and a beta of 0.75. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. On average, equities research analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. 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, July 13th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. TD Cowen cut their price target on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group reduced their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.81.

More Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
• Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
• Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
• Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
• Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
• Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

Insider Activity at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of Procore Technologies stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. 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. In the last three months, insiders have sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is owned by corporate insiders.

Procore Technologies Company 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.