Journey Strategic Wealth LLC Acquires New Shares in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Journey Strategic Wealth LLC acquired 5,112 shares of Procore Technologies, valued at approximately $337,000, according to a recent SEC filing.
• Procore Technologies reported a 15.3% year-over-year revenue increase for the last quarter, with earnings per share of $0.23, beating analyst estimates.
• A significant percentage of Procore's stock, approximately 81.10%, is owned by institutional investors, indicating strong institutional interest in the company.

Journey Strategic Wealth LLC 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 5,112 shares of the company's stock, valued at approximately $337,000.

Several other institutional investors also recently modified their holdings of the stock. Teacher Retirement System of Texas increased its holdings in Procore Technologies by 89.5% in 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 lifted its stake in shares of Procore Technologies by 66.6% in the 1st 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. lifted its stake in shares of Procore Technologies by 87.4% in the 1st 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 lifted its stake in shares of Procore Technologies by 4.2% in the 1st 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 lifted its stake in shares of Procore Technologies by 8.6% in the 1st 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.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 1,390 shares of Procore Technologies stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $75.00, for a total value of $104,250.00. Following the sale, the insider owned 96,167 shares of the company's stock, valued at approximately $7,212,525. The trade was a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J.G. Griffith sold 309,168 shares of Procore Technologies stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the completion of the transaction, the director owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. This represents a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock worth $43,878,843 in the last three months. Insiders own 29.00% of the company's stock.

Analyst Ratings Changes

PCOR has been the topic of a number of recent analyst reports. Stifel Nicolaus dropped their price objective on Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. UBS Group dropped their price objective on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Barclays increased their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. DA Davidson raised Procore Technologies to a "hold" rating in a research report on Tuesday, July 22nd. Finally, Arete began coverage on Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 target price for the company. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $80.94.

Procore Technologies Stock Performance

Shares of Procore Technologies stock traded down $0.94 during mid-day trading on Tuesday, hitting $75.70. 323,402 shares of the stock were exchanged, compared to its average volume of 1,323,368. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. The company has a 50-day simple moving average of $69.40 and a 200 day simple moving average of $70.30. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. The company has a market capitalization of $11.29 billion, a P/E ratio of -88.05 and a beta of 0.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. The firm had revenue of $310.63 million for the quarter, compared to analysts' expectations of $302.66 million. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The company's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 EPS. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.