Freestone Grove Partners LP Invests $11.24 Million in Procore Technologies, Inc. $PCOR

Freestone Grove Partners LP purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, Holdings Channel reports. The fund purchased 276,687 shares of the company’s stock, valued at approximately $11,239,000.

A number of other institutional investors also recently bought and sold shares of PCOR. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after acquiring an additional 804,920 shares during the period. BlackRock Inc. purchased a new stake in Procore Technologies in the 2nd quarter worth about $300,345,000. Wasatch Advisors LP lifted its stake in Procore Technologies by 6.8% in the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after buying an additional 2,146,182 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after buying an additional 137,171 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PCOR. Barclays increased their price target on Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Piper Sandler cut their price objective on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Guggenheim started coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price for the company. Finally, The Goldman Sachs Group decreased their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.44.

Procore Technologies Stock Performance

Procore Technologies stock opened at $63.77 on Friday. The company has a market capitalization of $9.69 billion, a PE ratio of -245.26 and a beta of 0.70. The company has a 50 day moving average price of $49.83 and a 200-day moving average price of $51.43. 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 released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the business posted $0.35 EPS. On average, analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Insider Activity

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the sale, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $52,524,295.44. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a 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, Director Elisa Steele sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director directly owned 58,371 shares of the company’s stock, valued at $3,677,373. The trade was a 2.51% 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 sold a total of 224,200 shares of company stock worth $11,136,134 over the last ninety days. 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.