Advisors Capital Management LLC Purchases Shares of 268,873 Procore Technologies, Inc. $PCOR

Advisors Capital Management LLC acquired a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 268,873 shares of the company's stock, valued at approximately $10,922,000. Advisors Capital Management LLC owned about 0.18% of Procore Technologies as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. raised its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the third quarter valued at about $34,000. Allworth Financial LP increased its position in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares during the period. Global Retirement Partners LLC bought a new position in Procore Technologies in the second quarter worth about $52,000. Finally, Employees Retirement System of Texas bought a new position in Procore Technologies in the fourth quarter worth about $54,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $63.01 on Friday. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The business has a 50-day simple moving average of $47.76 and a two-hundred day simple moving average of $51.10. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of -242.35 and a beta of 0.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business's quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 EPS. As a group, research analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at $41,515,438.56. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares of the company's stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 224,199 shares of company stock valued at $11,083,445 in the last 90 days. 16.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Citigroup reiterated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. Barclays lifted their price target on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a research note on Wednesday, April 29th. UBS Group increased their price objective on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, TD Cowen lowered their price objective on Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus 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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