918,205 Shares in Procore Technologies, Inc. $PCOR Purchased by Route One Investment Company L.P.

Route One Investment Company L.P. purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 918,205 shares of the company’s stock, valued at approximately $37,297,000. Procore Technologies makes up approximately 1.5% of Route One Investment Company L.P.’s portfolio, making the stock its 15th biggest position.

A number of other large investors have also recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. grew its position in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the third quarter worth $34,000. Twin Tree Management LP purchased a new position in Procore Technologies during the second quarter worth $40,000. Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the fourth 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. Finally, Global Retirement Partners LLC acquired a new position in shares of Procore Technologies in the second quarter worth $52,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Elisa Steele sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the transaction, the director owned 58,371 shares of the company’s stock, valued at $3,677,373. This represents a 2.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $54.98, for a total transaction of $422,906.16. Following the transaction, the director owned 939,054 shares in the company, valued at approximately $51,629,188.92. The trade was a 0.81% 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. Insiders have sold 228,142 shares of company stock worth $11,333,234 over the last ninety days. Insiders own 16.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Guggenheim initiated coverage on Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective on the stock. TD Cowen cut their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. The Goldman Sachs Group reduced their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. BMO Capital Markets raised their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, Piper Sandler decreased their price target on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Procore Technologies Stock Down 2.3%

PCOR stock opened at $60.66 on Wednesday. The stock has a market capitalization of $9.22 billion, a price-to-earnings ratio of -233.29 and a beta of 0.70. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The stock’s fifty day simple moving average is $48.95 and its 200-day simple moving average is $51.28.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same period in the prior year, the firm posted $0.35 earnings per share. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, analysts anticipate that Procore Technologies, Inc. will post 0.09 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.