Lead Edge Capital Management LLC Takes Position in Procore Technologies, Inc. $PCOR

Lead Edge Capital Management LLC purchased a new position in Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 515,051 shares of the company’s stock, valued at approximately $20,921,372. Procore Technologies accounts for approximately 0.0% of Lead Edge Capital Management LLC’s holdings, making the stock its 10th biggest position. Lead Edge Capital Management LLC owned about 0.34% of Procore Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. SJS Investment Consulting Inc. boosted its position in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the 3rd quarter worth $34,000. Twin Tree Management LP acquired a new position in Procore Technologies during the second quarter worth $40,000. Allworth Financial LP grew its holdings in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Global Retirement Partners LLC bought a new stake in shares of Procore Technologies during the 2nd quarter worth approximately $52,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Activity

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of Procore Technologies stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the transaction, the director owned 946,746 shares in the company, valued at approximately $52,004,757.78. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the transaction, the senior vice president owned 104,981 shares of the company’s stock, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 224,200 shares of company stock worth $11,136,134 in the last quarter. 16.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. The Goldman Sachs Group reduced their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. TD Cowen reduced their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Guggenheim began coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective for the company. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Finally, UBS Group raised their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $70.44.

Procore Technologies Stock Performance

PCOR traded up $0.18 on Friday, reaching $63.88. The company had a trading volume of 843,766 shares, compared to its average volume of 2,826,036. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The stock has a market cap of $9.71 billion, a P/E ratio of -245.69 and a beta of 0.70. The company’s fifty day moving average is $49.83 and its 200 day moving average is $51.43.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS. On average, sell-side analysts expect that Procore Technologies, Inc. will post 0.09 EPS for the current year.

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.