Acadian Asset Management LLC Lowers Stock Position in Procore Technologies, Inc. $PCOR

Key Points

• Acadian Asset Management LLC significantly reduced its stake in Procore Technologies, Inc., selling 674,164 shares and retaining only 86,080 shares, which represents an **88.7% decrease** in ownership.
• Insider transactions included Director Connor Kevin J. O selling 8,035 shares for approximately $581,413, and insider Benjamin C. Singer selling 4,500 shares for around $337,500, highlighting active insider trading as shares dropped 1.3% to $69.67.
• Research analysts maintain a generally positive outlook on Procore Technologies, with several price targets set between **$70.00 and $95.00**, suggesting a consensus target price of **$83.06**.

Acadian Asset Management LLC lowered its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 88.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 86,080 shares of the company's stock after selling 674,164 shares during the period. Acadian Asset Management LLC owned about 0.06% of Procore Technologies worth $5,680,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PCOR. JPMorgan Chase & Co. increased its stake in shares of Procore Technologies by 84.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after purchasing an additional 1,492,869 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 3.1% in the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after buying an additional 82,311 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Procore Technologies by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after buying an additional 451,238 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Procore Technologies by 7.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock valued at $124,067,000 after buying an additional 126,070 shares in the last quarter. Finally, RGM Capital LLC lifted its position in shares of Procore Technologies by 9.3% during the 1st quarter. RGM Capital LLC now owns 1,790,402 shares of the company's stock valued at $118,202,000 after buying an additional 153,039 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PCOR shares. Piper Sandler boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Arete initiated coverage on shares of Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 target price for the company. Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 1st. KeyCorp raised their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, DA Davidson assumed coverage on Procore Technologies in a research note on Monday, August 4th. They set a "neutral" rating and a $70.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Price Performance

PCOR traded up $1.44 during trading on Monday, reaching $71.04. The company's stock had a trading volume of 886,786 shares, compared to its average volume of 1,337,800. The company has a market cap of $10.67 billion, a price-to-earnings ratio of -74.00 and a beta of 0.90. The firm has a fifty day simple moving average of $69.15 and a two-hundred day simple moving average of $67.45. Procore Technologies, Inc. has a 1 year low of $53.71 and a 1 year 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 posted 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. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The business had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the prior year, the business earned $0.39 earnings per share. The business's revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,500 shares of Procore Technologies stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider directly owned 97,557 shares of the company's stock, valued at $7,316,775. The trade was a 4.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the transaction, the director owned 1,154,097 shares in the company, valued at $83,510,458.92. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,613 shares of company stock worth $3,028,247 in the last quarter. Company insiders own 21.50% of the company's stock.

About Procore Technologies

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.