Procore Technologies, Inc. $PCOR Stock Holdings Increased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 330,373 shares of the company’s stock after purchasing an additional 13,597 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.22% of Procore Technologies worth $13,420,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP grew its position in Procore Technologies by 8.2% in the 2nd quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after buying an additional 260,314 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Procore Technologies in the 2nd quarter worth approximately $370,000. Jefferies Financial Group Inc. bought a new position in shares of Procore Technologies in the second quarter valued at approximately $2,192,000. Public Employees Retirement System of Ohio bought a new position in shares of Procore Technologies in the second quarter valued at approximately $1,412,000. Finally, Corient Private Wealth LP acquired a new position in shares of Procore Technologies during the second quarter valued at approximately $2,013,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Down 4.4%

PCOR stock opened at $57.93 on Friday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The firm has a 50-day moving average of $52.40 and a two-hundred day moving average of $51.86. The firm has a market capitalization of $8.80 billion, a PE ratio of -222.81 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last issued its quarterly 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 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 the consensus estimate of $365.82 million. During the same quarter in the prior year, the firm earned $0.35 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. On average, equities research analysts anticipate that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 15,386 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the transaction, the director directly owned 946,746 shares of the company’s stock, 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 document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 231,892 shares of company stock valued at $11,613,268. Company insiders own 16.80% of the company’s stock.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of research reports. 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 note on Friday, July 31st. Jefferies Financial Group cut their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. UBS Group lifted their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, Piper Sandler lowered their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.44.

Procore Technologies Company 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.