Ieq Capital LLC Invests $1.40 Million in Procore Technologies, Inc. $PCOR

Ieq Capital LLC acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the second quarter, HoldingsChannel.com reports. The firm acquired 34,403 shares of the company’s stock, valued at approximately $1,397,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in Procore Technologies in the 4th quarter worth about $511,000. Goldman Sachs Group Inc. lifted its holdings in shares of Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after acquiring an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after acquiring an additional 52,507 shares during the period. Prudential Financial Inc. boosted its position in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after acquiring an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 3,943 shares of the 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 sale, the insider 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the sale, the chairman owned 919,704 shares in the company, valued at $41,515,438.56. This represents a 5.75% 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. Insiders have sold 228,142 shares of company stock worth $11,333,234 in the last 90 days. 16.80% of the stock is owned by insiders.

Procore Technologies Trading Down 0.2%

Shares of Procore Technologies stock opened at $60.51 on Thursday. The company has a fifty day moving average price of $49.35 and a 200 day moving average price of $51.34. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The stock has a market cap of $9.20 billion, a price-to-earnings ratio of -232.73 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 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 company had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. Analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PCOR. TD Cowen cut their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. UBS Group increased their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BTIG Research reissued a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. One research 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 assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.