Praesidium Investment Management Company LLC Makes New $17.12 Billion Investment in Procore Technologies, Inc. $PCOR

Praesidium Investment Management Company LLC purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 421,489 shares of the company’s stock, valued at approximately $17,120,883,000. Procore Technologies makes up approximately 8.0% of Praesidium Investment Management Company LLC’s holdings, making the stock its 7th largest position. Praesidium Investment Management Company LLC owned approximately 0.28% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PCOR. SJS Investment Consulting Inc. raised its position in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies in the 3rd quarter valued at $34,000. Twin Tree Management LP purchased a new position in Procore Technologies in the 2nd quarter worth about $40,000. Allworth Financial LP increased its stake in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Procore Technologies during the 2nd quarter worth about $52,000. 81.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on PCOR. Jefferies Financial Group reduced their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. UBS Group boosted their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. Guggenheim started coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $70.44.

Insider Activity at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at approximately $41,515,438.56. 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 sold 228,142 shares of company stock valued at $11,333,234. Company insiders own 16.80% of the company’s stock.

Procore Technologies Trading Down 0.2%

Shares of Procore Technologies stock opened at $60.51 on Thursday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a market cap of $9.20 billion, a P/E ratio of -232.73 and a beta of 0.70. The stock has a 50-day moving average price of $49.35 and a 200 day moving average price of $51.34.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for 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 for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. On average, equities analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

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.