Kodai Capital Management LP Buys Shares of 97,686 Procore Technologies, Inc. $PCOR

Key Points

• Kodai Capital Management LP acquired 97,686 shares of Procore Technologies, valued at approximately $6.45 million, increasing its ownership to 0.07% of the company.
• Analysts have recently raised their price targets for Procore Technologies stock, with estimates ranging from $70 to $88 and an overall average target of $83.06.
• Insider activity includes significant sales, with Director William J.G. Griffith selling 309,168 shares for over $20 million, reducing his stake by 14.04%.

Kodai Capital Management LP purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 97,686 shares of the company's stock, valued at approximately $6,449,000. Kodai Capital Management LP owned 0.07% of Procore Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LTS One Management LP purchased a new stake in Procore Technologies in the first quarter worth $8,913,000. B. Metzler seel. Sohn & Co. AG grew its stake in Procore Technologies by 47.5% in the first quarter. B. Metzler seel. Sohn & Co. AG now owns 34,621 shares of the company's stock worth $2,286,000 after purchasing an additional 11,155 shares during the period. Ieq Capital LLC grew its stake in Procore Technologies by 10.1% in the first quarter. Ieq Capital LLC now owns 256,346 shares of the company's stock worth $16,924,000 after purchasing an additional 23,449 shares during the period. RGM Capital LLC grew its stake in Procore Technologies by 9.3% in the first quarter. RGM Capital LLC now owns 1,790,402 shares of the company's stock worth $118,202,000 after purchasing an additional 153,039 shares during the period. Finally, FORA Capital LLC grew its stake in Procore Technologies by 15.0% in the first quarter. FORA Capital LLC now owns 3,093 shares of the company's stock worth $204,000 after purchasing an additional 403 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the transaction, the insider directly owned 3,137,255 shares of the company's stock, valued at $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Lawrence Joseph Stack sold 2,500 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $65.33, for a total value of $163,325.00. Following the completion of the transaction, the executive directly owned 208,288 shares in the company, valued at approximately $13,607,455.04. This represents a 1.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 664,449 shares of company stock valued at $43,235,011. Corporate insiders own 21.50% of the company's stock.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded up $0.50 during midday trading on Wednesday, reaching $68.13. 413,527 shares of the company's stock traded hands, compared to its average volume of 1,465,516. The company has a market cap of $10.23 billion, a price-to-earnings ratio of -70.96 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92. The stock has a 50 day moving average of $69.14 and a 200 day moving average of $68.30.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 earnings per share. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. KeyCorp upped their price target on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. BMO Capital Markets increased their target price on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Robert W. Baird increased their target price on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Mizuho increased their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Finally, Arete began coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $83.06.

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.