Jupiter Topco LLC Acquires Shares of 968,288 Procore Technologies, Inc. $PCOR

Jupiter Topco LLC acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the second quarter, Holdings Channel reports. The fund acquired 968,288 shares of the company’s stock, valued at approximately $39,332,000.

Other institutional investors have also recently made changes to their positions in the company. Route One Investment Company L.P. bought a new stake in shares of Procore Technologies in the 2nd quarter worth $37,297,000. Canada Pension Plan Investment Board bought a new position in shares of Procore Technologies during the second quarter valued at about $3,176,000. Lead Edge Capital Management LLC purchased a new position in Procore Technologies during the second quarter worth about $20,921,372,000. Legal & General Group Plc purchased a new position in Procore Technologies during the second quarter worth about $4,265,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Procore Technologies in the 2nd quarter worth about $1,722,000. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 5.5%

Shares of PCOR stock opened at $63.77 on Friday. The firm’s 50 day moving average is $49.83 and its 200 day moving average is $51.43. The stock has a market capitalization of $9.69 billion, a P/E ratio of -245.26 and a beta of 0.70. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last released 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 business had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same period in the previous year, the business earned $0.35 EPS. Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PCOR shares. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Barclays boosted their target price on Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Jefferies Financial Group reduced their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. BMO Capital Markets increased their price target on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Piper Sandler dropped their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.44.

Insider Buying and Selling

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of Procore Technologies stock in a transaction on Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the completion of the transaction, the insider owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 224,200 shares of company stock valued at $11,136,134 over the last three months. Insiders own 16.80% of the company’s stock.

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.