Diversify Advisory Services LLC Takes Position in Procore Technologies, Inc. $PCOR

Diversify Advisory Services LLC purchased a new position in Procore Technologies, Inc. (NYSE:PCOR) during the second quarter, HoldingsChannel.com reports. The fund purchased 11,409 shares of the company’s stock, valued at approximately $531,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Blue Owl Capital Holdings LP bought a new stake in Procore Technologies in the fourth quarter worth $6,857,000. Stephens Investment Management Group LLC increased its holdings in shares of Procore Technologies by 23.3% during the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock valued at $30,960,000 after acquiring an additional 102,574 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after acquiring an additional 23,555 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Procore Technologies in the 1st quarter worth about $3,181,000. Finally, Deutsche Bank AG purchased a new position in shares of Procore Technologies in the 2nd quarter worth about $114,444,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PCOR shares. Barclays upped their price target on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. BMO Capital Markets lifted their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. BTIG Research reiterated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Guggenheim started coverage on shares of Procore Technologies in a report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target on the stock. Finally, Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Procore Technologies Stock Up 0.1%

Shares of PCOR stock opened at $63.01 on Friday. The company has a 50 day moving average price of $47.76 and a 200-day moving average price of $51.10. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The firm has a market capitalization of $9.57 billion, a PE ratio of -242.35 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. Analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Insider Activity at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at $52,524,295.44. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at $6,188,629.95. The trade was a 8.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 224,199 shares of company stock valued at $11,083,445 in the last quarter. 16.80% of the stock is currently owned by corporate insiders.

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.