AQR Capital Management LLC Boosts Stock Holdings in Procore Technologies, Inc. $PCOR

Key Points

• AQR Capital Management raised its stake in Procore Technologies by 848.3% during Q1, now owning 102,228 shares worth approximately $6.6 million.
• Analysts have a mixed outlook on Procore Technologies, with average target price estimates ranging from $70 to $95 and an overall rating of "Moderate Buy."
• Insiders sold a total of 43,613 shares of Procore Technologies last quarter, indicating potential shifts in confidence among company executives.

AQR Capital Management LLC grew its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 848.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 102,228 shares of the company's stock after buying an additional 91,448 shares during the period. AQR Capital Management LLC owned 0.07% of Procore Technologies worth $6,586,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Teacher Retirement System of Texas increased its stake in shares of Procore Technologies by 89.5% during the first quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock worth $1,318,000 after acquiring an additional 9,428 shares during the period. GAMMA Investing LLC increased its stake in shares of Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after acquiring an additional 497 shares during the period. Brown Advisory Inc. increased its stake in shares of Procore Technologies by 87.4% during the first quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock worth $854,000 after acquiring an additional 6,038 shares during the period. Amalgamated Bank increased its stake in shares of Procore Technologies by 4.2% during the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after acquiring an additional 295 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Procore Technologies by 8.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock worth $508,000 after acquiring an additional 613 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Trading Up 1.2%

Shares of PCOR traded up $0.87 on Wednesday, hitting $72.59. 1,090,509 shares of the stock traded hands, compared to its average volume of 1,356,155. 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 firm has a market capitalization of $10.90 billion, a P/E ratio of -75.62 and a beta of 0.90. The stock's 50 day moving average is $69.12 and its two-hundred day moving average is $67.52. Procore Technologies, Inc. has a 1 year low of $53.71 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PCOR. 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 research note on Friday, August 1st. KeyCorp upped their target price on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Arete assumed coverage on shares of Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 target price on the stock. Robert W. Baird upped their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Finally, BMO Capital Markets upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,500 shares of the company's stock in a transaction that occurred on 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 owned 97,557 shares of the company's stock, valued at approximately $7,316,775. This represents a 4.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $60,520.90. Following the transaction, the chief financial officer directly owned 197,457 shares in the company, valued at $14,680,927.95. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,921 shares of company stock valued at $2,525,652. Company insiders own 21.50% of the company's stock.

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.