Alight Capital Management LP Takes Position in Procore Technologies, Inc. $PCOR

Key Points

• Alight Capital Management LP acquired 20,000 shares of Procore Technologies, valued at approximately $1.32 million, during the first quarter of 2023.
• Procore Technologies reported a 13.9% increase in quarterly revenue, with earnings of $0.35 per share, exceeding analysts' expectations of $0.24.
• Insider activity shows that insiders sold over 664,000 shares worth approximately $43 million in the last three months, indicating a 4.64% decrease in individual ownership for the insider Benjamin C. Singer.

Alight Capital Management LP acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 20,000 shares of the company's stock, valued at approximately $1,320,000.

Several other large investors also recently modified their holdings of PCOR. Brighton Jones LLC bought a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $511,000. Integrated Wealth Concepts LLC bought a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $221,000. Northern Trust Corp grew its stake in shares of Procore Technologies by 17.0% in the 4th quarter. Northern Trust Corp now owns 594,668 shares of the company's stock valued at $44,558,000 after purchasing an additional 86,192 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $273,000. Finally, Ancora Advisors LLC grew its stake in shares of Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after purchasing an additional 850 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Up 1.2%

NYSE:PCOR traded up $0.84 during trading hours on Friday, hitting $70.01. 2,090,888 shares of the stock were exchanged, compared to its average volume of 1,441,479. The company's 50 day moving average is $69.23 and its two-hundred day moving average is $67.92. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month 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. The company has a market capitalization of $10.51 billion, a P/E ratio of -72.92 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. During the same quarter in the prior year, the business earned $0.39 EPS. The business's revenue for the quarter 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. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PCOR has been the topic of several analyst reports. JMP Securities reiterated a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Friday, August 1st. Mizuho upped their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Robert W. Baird boosted their target price on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Stifel Nicolaus boosted their target price on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Citizens Jmp downgraded Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Insider Activity

In other news, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $75.00, for a total value of $337,500.00. Following the transaction, the insider owned 97,557 shares of the company's stock, valued at $7,316,775. This represents a 4.41% decrease in their position. 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 stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the transaction, the director directly owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This trade represents a 0.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is owned by company insiders.

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.