Sonoma Private Wealth LLC Makes New Investment in Procore Technologies, Inc. $PCOR

Sonoma Private Wealth LLC bought a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,648 shares of the company’s stock, valued at approximately $351,000.

A number of other hedge funds have also recently made changes to their positions in the company. SJS Investment Consulting Inc. raised its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies during the 3rd quarter worth approximately $34,000. Allworth Financial LP grew its holdings in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the last quarter. Employees Retirement System of Texas bought a new stake in Procore Technologies during the 4th quarter worth approximately $54,000. Finally, Global Retirement Partners LLC increased its position in Procore Technologies by 116.2% in the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after acquiring an additional 453 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PCOR has been the subject of several analyst reports. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Guggenheim assumed coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Piper Sandler lowered their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Finally, Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.44.

Insider Activity

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the sale, the director owned 946,746 shares of the company’s stock, valued at approximately $52,004,757.78. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the sale, the chairman owned 919,704 shares in the company, valued at approximately $41,515,438.56. The trade was a 5.75% 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. Insiders have sold 228,142 shares of company stock worth $11,333,234 in the last three months. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Stock Performance

NYSE:PCOR opened at $60.66 on Wednesday. The company has a market capitalization of $9.22 billion, a PE ratio of -233.29 and a beta of 0.70. The company has a 50 day simple moving average of $48.95 and a two-hundred day simple moving average of $51.28. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly 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. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the previous year, the company earned $0.35 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. Research analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

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.