First Trust Advisors LP Has $9.44 Million Stock Position in Procore Technologies, Inc. $PCOR

First Trust Advisors LP reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 7.7% during the 1st quarter, Holdings Channel reports. The firm owned 165,619 shares of the company’s stock after selling 13,840 shares during the period. First Trust Advisors LP’s holdings in Procore Technologies were worth $9,440,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Brighton Jones LLC acquired a new position in Procore Technologies in the fourth quarter valued at about $511,000. Goldman Sachs Group Inc. boosted its holdings in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares during the period. Prudential Financial Inc. grew its position in shares of Procore Technologies by 56.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after buying an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after acquiring an additional 269 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

More Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
• Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
• Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
• Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
• Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
• Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

Insider Buying and Selling at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction 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 sale, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction 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 sale, the director owned 979,439 shares in the company, valued at approximately $42,037,521.88. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PCOR. UBS Group increased their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Jefferies Financial Group lowered their target price 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, July 21st. BMO Capital Markets increased 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. Finally, BTIG Research reissued a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $69.81.

Procore Technologies Trading Up 2.2%

NYSE PCOR opened at $55.00 on Friday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market cap of $8.30 billion, a P/E ratio of -211.52 and a beta of 0.75. The stock’s 50-day moving average is $44.86 and its 200-day moving average is $51.91.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.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 firm earned $0.35 EPS. Procore Technologies’s quarterly revenue was up 15.8% compared to the same quarter last year. Sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal 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.