Procore Technologies, Inc. $PCOR Shares Acquired by AQR Capital Management LLC

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 lifted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 848.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,228 shares of the company's stock after purchasing an additional 91,448 shares during the quarter. AQR Capital Management LLC owned about 0.07% of Procore Technologies worth $6,586,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in shares of Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after purchasing an additional 1,492,869 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Procore Technologies by 134.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after acquiring an additional 660,726 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Procore Technologies by 25.6% in the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after acquiring an additional 451,238 shares in the last quarter. Nuveen LLC acquired a new position in shares of Procore Technologies in the 1st quarter valued at about $26,224,000. Finally, Durable Capital Partners LP raised its position in shares of Procore Technologies by 83.3% during the 1st quarter. Durable Capital Partners LP now owns 825,120 shares of the company's stock worth $54,474,000 after purchasing an additional 375,020 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Activity

In other news, insider Benjamin C. Singer sold 4,205 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total transaction of $267,732.35. Following the transaction, the insider owned 86,366 shares in the company, valued at approximately $5,498,923.22. This trade represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Howard Fu sold 797 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the transaction, the chief financial officer owned 189,457 shares of the company's stock, valued at $12,096,829.45. This trade represents a 0.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,613 shares of company stock valued at $3,028,247. 21.50% of the stock is currently owned by company insiders.

Procore Technologies Stock Performance

PCOR traded up $1.44 during midday trading on Monday, reaching $71.04. The company had a trading volume of 886,786 shares, compared to its average volume of 1,462,479. The business has a 50-day moving average price of $69.16 and a two-hundred day moving average price of $67.49. The stock has a market cap of $10.67 billion, a PE ratio of -74.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. Procore Technologies, Inc. has a 12-month low of $53.71 and a 12-month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $323.92 million for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.39 earnings per share. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PCOR shares. KeyCorp increased their price target on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. JMP Securities reaffirmed a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. Robert W. Baird upped their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Arete initiated coverage on Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 target price on the stock. Finally, Barclays upped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.