Madison Asset Management LLC Makes New Investment in Procore Technologies, Inc. $PCOR

Madison Asset Management LLC bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 39,358 shares of the company’s stock, valued at approximately $2,243,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SJS Investment Consulting Inc. raised 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 acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies in the third quarter valued at about $34,000. V Square Quantitative Management LLC purchased a new position in Procore Technologies in the fourth quarter valued at about $41,000. Allworth Financial LP raised its holdings in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new position in Procore Technologies in the fourth quarter worth about $54,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the transaction, the director directly owned 967,901 shares of the company’s stock, valued at approximately $40,584,088.93. This represents a 0.59% 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. In the last quarter, insiders have sold 189,621 shares of company stock valued at $8,791,847. Insiders own 16.80% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $41.71 on Thursday. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The company has a market cap of $6.29 billion, a PE ratio of -81.78 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The business has a 50-day simple moving average of $44.67 and a two-hundred day simple moving average of $52.98.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million for 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 business’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.23 EPS. As a group, equities analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PCOR shares. The Goldman Sachs Group lowered their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Jefferies Financial Group reduced 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. Citizens Jmp raised 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. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $70.62.

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.