Advisors Capital Management LLC Buys 11,590 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Advisors Capital Management LLC increased its stake in Procore Technologies by 8.1%, acquiring an additional 11,590 shares, bringing its total to 155,369 shares valued at approximately $10.26 million.
• Procore Technologies reported a positive quarterly earnings result with an EPS of $0.35, surpassing analysts' estimates of $0.24, along with a year-over-year revenue growth of 13.9% to $323.92 million.
• Institutional investors hold approximately 81.10% of Procore Technologies stock, indicating high confidence from market professionals in the company's future.

Advisors Capital Management LLC raised its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 8.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,369 shares of the company's stock after buying an additional 11,590 shares during the period. Advisors Capital Management LLC owned about 0.10% of Procore Technologies worth $10,257,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Two Sigma Investments LP increased its holdings in shares of Procore Technologies by 5.3% in the 4th quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after buying an additional 210 shares during the last quarter. Park Avenue Securities LLC grew its holdings in shares of Procore Technologies by 1.7% during the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock valued at $854,000 after purchasing an additional 221 shares during the last quarter. Xponance Inc. grew its holdings in shares of Procore Technologies by 1.8% during the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock valued at $981,000 after purchasing an additional 263 shares during the last quarter. TFB Advisors LLC grew its holdings in shares of Procore Technologies by 8.1% during the 1st quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock valued at $234,000 after purchasing an additional 264 shares during the last quarter. Finally, Procyon Advisors LLC grew its holdings in shares of Procore Technologies by 8.6% during the 1st quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock valued at $232,000 after purchasing an additional 278 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Up 3.2%

Shares of Procore Technologies stock opened at $70.61 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $10.61 billion, a PE ratio of -73.56 and a beta of 0.90. Procore Technologies, Inc. has a 52-week low of $53.71 and a 52-week high of $88.92. The company has a 50-day simple moving average of $69.21 and a two-hundred day simple moving average of $67.69.

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

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $74.35, for a total value of $60,520.90. Following the completion of the transaction, the chief financial officer directly owned 197,457 shares in the company, valued at $14,680,927.95. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was 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 of the company's stock, valued at approximately $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 sold a total of 43,613 shares of company stock worth $3,028,247 over the last three months. 21.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PCOR shares. Piper Sandler increased their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a report on Friday, August 1st. BMO Capital Markets increased their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 1st. Barclays raised their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Finally, Mizuho raised their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. One equities research 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's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $83.06.

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.

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