16,010 Shares in Procore Technologies, Inc. $PCOR Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 16,010 Procore Technologies shares during the second quarter, worth approximately $650,000. Institutional investors and hedge funds collectively own 81.1% of PCOR.
• Analysts remain broadly bullish, with a consensus rating of “Moderate Buy” and an average price target of $70.44, despite several firms recently lowering their targets.
• Procore reported quarterly EPS of $0.47, beating estimates of $0.42, while revenue rose 15.8% year over year to $375.21 million. However, insiders sold 224,200 shares worth roughly $11.1 million over the past 90 days.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 16,010 shares of the company's stock, valued at approximately $650,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SJS Investment Consulting Inc. lifted its stake 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 valued at $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Procore Technologies during the 3rd quarter worth about $34,000. Twin Tree Management LP acquired a new position in Procore Technologies during the 2nd quarter valued at about $40,000. Allworth Financial LP lifted its position in 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 purchasing an additional 204 shares during the period. Finally, Global Retirement Partners LLC bought a new position in shares of Procore Technologies in the 2nd quarter valued at about $52,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the sale, the chairman directly owned 919,704 shares of the company's stock, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 224,200 shares of company stock valued at $11,136,134 in the last ninety days. Corporate insiders own 16.80% of the company's stock.

Analysts Set New Price Targets

PCOR has been the subject of a number of analyst reports. UBS Group lifted their price objective on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Piper Sandler cut their target price on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. TD Cowen reduced their target price on Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. The Goldman Sachs Group decreased their target price on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Finally, Jefferies Financial Group lowered their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, July 21st. One equities 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's stock. According to data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $70.44.

Procore Technologies Stock Down 1.4%

Shares of PCOR opened at $62.82 on Tuesday. The stock has a market capitalization of $9.55 billion, a P/E ratio of -241.62 and a beta of 0.70. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a 50 day moving average of $50.78 and a 200-day moving average of $51.59.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million during 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 company's quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. On average, sell-side analysts anticipate 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.

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