Bamco Inc. NY Boosts Stake in Procore Technologies, Inc. $PCOR

Bamco Inc. NY lifted its position in Procore Technologies, Inc. (NYSE:PCOR) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,515,982 shares of the company’s stock after purchasing an additional 35,206 shares during the quarter. Bamco Inc. NY’s holdings in Procore Technologies were worth $110,273,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter valued at approximately $34,000. Jones Financial Companies Lllp increased its holdings in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the 4th quarter valued at $41,000. Allworth Financial LP increased 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 acquiring an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in shares of Procore Technologies in the 4th quarter valued at $54,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Down 4.0%

Shares of Procore Technologies stock opened at $40.14 on Thursday. Procore Technologies, Inc. has a one year low of $40.04 and a one year high of $82.32. The company has a market cap of $6.06 billion, a P/E ratio of -78.70 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a fifty day moving average of $50.01 and a two-hundred day moving average of $58.68.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million during the quarter, compared to analysts’ expectations of $352.82 million. During the same period in the previous year, the firm earned $0.23 EPS. The firm’s revenue was up 15.7% on a year-over-year basis. On average, analysts forecast that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Piper Sandler cut their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. UBS Group cut their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, TD Cowen cut their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. Fourteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.33.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 5,775 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the transaction, the director directly owned 979,439 shares in the company, valued at $42,037,521.88. This represents a 0.59% 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. In the last 90 days, insiders have sold 189,621 shares of company stock worth $9,054,472. 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.