Lead Edge Capital Management LLC Purchases Shares of 515,051 Procore Technologies, Inc. $PCOR

Lead Edge Capital Management LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 515,051 shares of the company’s stock, valued at approximately $20,921,372,000. Procore Technologies makes up about 3.8% of Lead Edge Capital Management LLC’s holdings, making the stock its 10th biggest position. Lead Edge Capital Management LLC owned approximately 0.34% of Procore Technologies at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PCOR. Brighton Jones LLC acquired a new stake in shares of Procore Technologies in the fourth quarter valued at about $511,000. Goldman Sachs Group Inc. boosted its position in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. grew its stake in Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Down 2.2%

PCOR stock opened at $62.10 on Tuesday. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The business has a 50-day simple moving average of $48.57 and a 200 day simple moving average of $51.23. The company has a market cap of $9.44 billion, a PE ratio of -238.87 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. On average, analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, Director Elisa Steele sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the transaction, the director directly owned 58,371 shares of the company’s stock, valued at $3,677,373. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 business’s stock in a transaction that occurred on 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 transaction, the chairman 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. 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 have sold a total of 228,142 shares of company stock worth $11,333,234 in the last three months. Company insiders own 16.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. TD Cowen dropped their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Barclays raised their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Citizens Jmp upgraded 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. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.44.

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.