Whetstone Capital Advisors LLC Invests $1.99 Million in Procore Technologies, Inc. $PCOR

Whetstone Capital Advisors LLC bought a new position in Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 49,001 shares of the company’s stock, valued at approximately $1,990,000. Procore Technologies comprises approximately 0.5% of Whetstone Capital Advisors LLC’s investment portfolio, making the stock its 27th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. boosted its holdings in shares of Procore Technologies by 7,100.0% in the first 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 last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies during the 3rd quarter valued at approximately $34,000. Allworth Financial LP raised its position in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the last quarter. Employees Retirement System of Texas purchased a new position in shares of Procore Technologies during the fourth quarter valued at about $54,000. Finally, Global Retirement Partners LLC grew its holdings in Procore Technologies by 116.2% during the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after buying an additional 453 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Procore Technologies

In other news, Director Elisa Steele sold 1,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the transaction, the director owned 58,371 shares of the company’s stock, valued at $3,677,373. The trade was a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total value of $477,134.76. Following the completion of the sale, the director owned 931,362 shares in the company, valued at $57,772,384.86. The trade was a 0.82% decrease in their position. 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. Over the last three months, insiders have sold 175,770 shares of company stock valued at $9,079,921. 16.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on PCOR. Jefferies Financial Group dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. UBS Group raised their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BMO Capital Markets lifted their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Zacks Research raised shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.44.

Procore Technologies Trading Down 3.8%

NYSE:PCOR opened at $54.04 on Thursday. The company has a market cap of $8.21 billion, a PE ratio of -207.84 and a beta of 0.74. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The company’s 50 day moving average is $53.29 and its two-hundred day moving average is $51.93.

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, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, analysts expect that Procore Technologies, Inc. will post 0.41 EPS 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.