147,539 Shares in Procore Technologies, Inc. (NYSE:PCOR) Bought by Cobblestone Capital Advisors LLC NY

Key Points

• Cobblestone Capital Advisors LLC acquired a new position in Procore Technologies by purchasing 147,539 shares valued at approximately $9.74 million, increasing their ownership to 0.10% at the end of the last quarter.
• Procore Technologies reported an EPS of $0.35 for the last quarter, exceeding analysts' estimates, with a revenue of $323.92 million, marking a 13.9% increase compared to the previous year.
• Insider trading highlights a significant sale by major shareholder Iconiq Strategic Partners IV, who sold 192,803 shares, reducing their ownership by 5.79% and retaining 3.14 million shares valued at approximately $203.17 million.

Cobblestone Capital Advisors LLC NY purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 147,539 shares of the company's stock, valued at approximately $9,741,000. Cobblestone Capital Advisors LLC NY owned approximately 0.10% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of PCOR. Teacher Retirement System of Texas raised its holdings in shares of Procore Technologies by 89.5% during the first quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock valued at $1,318,000 after purchasing an additional 9,428 shares during the period. GAMMA Investing LLC raised its holdings in shares of Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after purchasing an additional 497 shares during the period. Brown Advisory Inc. raised its holdings in shares of Procore Technologies by 87.4% during the first quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock valued at $854,000 after purchasing an additional 6,038 shares during the period. Amalgamated Bank raised its holdings in shares of Procore Technologies by 4.2% during the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after purchasing an additional 295 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Procore Technologies by 8.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock valued at $508,000 after purchasing an additional 613 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

PCOR traded up $0.55 on Wednesday, hitting $63.48. The company's stock had a trading volume of 192,142 shares, compared to its average volume of 1,463,264. The company's 50 day simple moving average is $69.11 and its 200-day simple moving average is $69.50. The firm has a market cap of $9.53 billion, a P/E ratio of -66.13 and a beta of 0.90. Procore Technologies, Inc. has a 12 month low of $52.78 and a 12 month high of $88.92. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same period last year, the firm earned $0.39 EPS. The business's quarterly revenue was up 13.9% compared to the same quarter last year. Analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PCOR shares. KeyCorp upped their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a report on Friday, August 1st. JMP Securities restated a "market perform" rating and issued a $95.00 target price on shares of Procore Technologies in a report on Friday, August 1st. Barclays upped their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Stifel Nicolaus upped their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Mizuho upped their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and an average price target of $83.06.

Insider Transactions at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the sale, the director owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This trade represents a 0.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 656,755 shares of company stock worth $42,751,179. 21.50% of the stock is owned by corporate insiders.

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.