Roubaix Capital LLC Has $4.15 Million Position in Procore Technologies, Inc. $PCOR

Roubaix Capital LLC boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 54.6% during the first quarter, Holdings Channel.com reports. The fund owned 72,754 shares of the company’s stock after acquiring an additional 25,687 shares during the period. Roubaix Capital LLC’s holdings in Procore Technologies were worth $4,147,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCOR. Wasatch Advisors LP lifted its position in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after acquiring an additional 1,717,492 shares during the period. Wellington Management Group LLP increased 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 purchasing an additional 1,486,153 shares during the period. Norges Bank bought a new position in shares of Procore Technologies in the fourth quarter worth $82,739,000. Woodline Partners LP raised its stake in Procore Technologies by 173.1% in the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock valued at $130,542,000 after purchasing an additional 1,134,657 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Procore Technologies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after purchasing an additional 804,920 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of analyst reports. TD Cowen reduced their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group cut their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Barclays decreased their price objective on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. Finally, UBS Group cut their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.33.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% 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 sold a total of 189,621 shares of company stock valued at $8,791,847 in the last quarter. Insiders own 16.80% of the company’s stock.

Procore Technologies Stock Up 1.9%

Shares of NYSE PCOR opened at $45.97 on Friday. The company has a market cap of $6.94 billion, a price-to-earnings ratio of -90.13 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a 50-day moving average price of $44.91 and a two-hundred day moving average price of $53.74.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.23 earnings per share. As a group, analysts forecast that Procore Technologies, Inc. will post 0.06 earnings per share 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.