Advisors Capital Management LLC Increases Holdings in 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 increased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 8.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,369 shares of the company's stock after acquiring 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 and hedge funds also recently made changes to their positions in PCOR. Brighton Jones LLC purchased a new stake in Procore Technologies in the 4th quarter valued at $511,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $273,000. BNP Paribas Financial Markets purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $1,058,000. Balyasny Asset Management L.P. purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $867,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $224,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 797 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the sale, the chief financial officer directly owned 189,457 shares in the company, valued at $12,096,829.45. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Benjamin C. Singer sold 4,205 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the sale, the insider owned 86,366 shares of the company's stock, valued at $5,498,923.22. This trade represents a 4.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,921 shares of company stock worth $2,525,652 over the last three months. Company insiders own 21.50% of the company's stock.

Procore Technologies Trading Up 1.3%

Shares of NYSE:PCOR traded up $0.96 during trading on Wednesday, reaching $72.68. 281,401 shares of the company traded hands, compared to its average volume of 1,453,646. The firm has a market capitalization of $10.92 billion, a price-to-earnings ratio of -75.63 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 current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The business's fifty day moving average is $69.13 and its 200-day moving average is $67.48.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company 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 posted $0.39 earnings per share. Procore Technologies's revenue for the quarter was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PCOR. Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. 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 research note 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 research note on Monday, July 14th. BMO Capital Markets lifted their price objective on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, JMP Securities reissued a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

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.