Whetstone Capital Advisors LLC Buys New Stake in Procore Technologies, Inc. $PCOR

Whetstone Capital Advisors LLC purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, HoldingsChannel reports. The firm purchased 49,001 shares of the company’s stock, valued at approximately $1,990,000. Procore Technologies makes up 0.5% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 27th largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. raised 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 worth $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the 3rd quarter valued at about $34,000. Allworth Financial LP grew its position in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the period. Employees Retirement System of Texas purchased a new position in shares of Procore Technologies in the 4th quarter valued at about $54,000. Finally, Global Retirement Partners LLC increased its stake in shares of Procore Technologies by 116.2% in the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after purchasing an additional 453 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Down 3.8%

PCOR stock opened at $54.04 on Thursday. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32. The business’s 50-day moving average is $53.29 and its 200 day moving average is $51.93. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of -207.84 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last announced its 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 analysts’ expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 earnings per share. As a group, equities analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PCOR. Piper Sandler lowered their price target 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. TD Cowen cut their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. UBS Group increased their target price on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Zacks Research raised shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $70.44.

Insider Activity

In related news, insider Benjamin Singer sold 3,943 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the completion of the transaction, the insider directly owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. This represents a 4.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin O’Connor sold 7,692 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total value of $477,134.76. Following the completion of the transaction, the director owned 931,362 shares in the company, valued at $57,772,384.86. The trade was a 0.82% decrease in their position. 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 sold 175,770 shares of company stock valued at $9,079,921 in the last three months. Company insiders own 16.80% of the company’s stock.

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.