Lead Edge Capital Management LLC Purchases Shares of 309,573 Procore Technologies, Inc. $PCOR

Lead Edge Capital Management LLC purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 309,573 shares of the company’s stock, valued at approximately $17,646,000. Procore Technologies comprises approximately 4.3% of Lead Edge Capital Management LLC’s holdings, making the stock its 10th largest holding. Lead Edge Capital Management LLC owned 0.21% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PCOR. Wasatch Advisors LP increased its position in Procore Technologies by 58.4% in 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 boosted its position in Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after acquiring an additional 1,240,247 shares during the period. Norges Bank bought a new position in shares of Procore Technologies in the fourth quarter worth $82,739,000. Finally, Woodline Partners LP grew its stake in shares of Procore Technologies by 173.1% in the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock worth $130,542,000 after purchasing an additional 1,134,657 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Guggenheim started coverage on shares of Procore Technologies in a research report on Thursday. They set a “buy” rating and a $68.00 price target on the stock. Finally, Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target for the company in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Stock Up 4.2%

PCOR opened at $42.80 on Friday. 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 company has a market capitalization of $6.46 billion, a PE ratio of -83.93 and a beta of 0.75. The stock’s fifty day moving average is $44.49 and its 200-day moving average is $52.71. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.23 EPS. On average, equities analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chairman 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the transaction, the director directly owned 979,439 shares in the company, valued at $42,037,521.88. This represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 189,621 shares of company stock worth $8,791,847. Corporate insiders own 16.80% of the company’s stock.

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.