64,530 Shares in Procore Technologies, Inc. $PCOR Acquired by AXQ Capital LP

Key Points

• AXQ Capital LP acquired 64,530 Procore Technologies shares in the second quarter, valued at approximately $2.62 million. Institutional investors collectively own 81.10% of PCOR’s outstanding stock.
• Procore reported quarterly revenue of $375.21 million, up 15.8% year over year, and adjusted earnings of $0.47 per share, beating analysts’ estimate of $0.42.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and average price target of $70.44, while insiders sold 231,892 shares worth about $11.6 million during the quarter.

AXQ Capital LP acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 64,530 shares of the company's stock, valued at approximately $2,621,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC purchased a new position in Procore Technologies in the fourth quarter worth about $511,000. Goldman Sachs Group Inc. boosted its stake in Procore Technologies by 5.2% during the 1st 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 stake in Procore Technologies by 17.6% during the 1st 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. increased its holdings in Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after buying an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after buying an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $60.57 on Friday. The stock has a fifty day simple moving average of $52.08 and a two-hundred day simple moving average of $51.82. The firm has a market capitalization of $9.20 billion, a PE ratio of -232.96 and a beta of 0.74. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period in the previous year, the business earned $0.35 earnings per share. The business's revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, SVP William Fleming, Jr. sold 10,000 shares of the business's stock in a transaction 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 sale, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 15,386 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the sale, the director owned 946,746 shares in the company, valued at approximately $52,004,757.78. The trade was a 1.60% 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 quarter, insiders sold 231,892 shares of company stock worth $11,613,268. 16.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PCOR. TD Cowen dropped their price target 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. Guggenheim began coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a "buy" rating and a $68.00 price objective for the company. UBS Group increased their target price on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a report on Friday, July 31st. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Finally, BMO Capital Markets increased their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $70.44.

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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