Bamco Inc. NY Boosts Stake in Procore Technologies, Inc. $PCOR

Key Points

• Bamco Inc. NY increased its Procore Technologies stake by 2.4% in the fourth quarter, ending with 1.52 million shares valued at about $110.3 million. Other hedge funds also added or initiated positions, and institutions now own roughly 81.1% of the company.
• Procore reported quarterly earnings of $0.34 per share, missing estimates by $0.02, though revenue of $359.3 million topped expectations and rose 15.7% year over year. The company also continues to show negative margins and earnings, with analysts forecasting full-year EPS of $0.06.
• Shares have fallen sharply, recently trading near $40.14, close to their 52-week low and well below the 52-week high of $82.32. Meanwhile, insider selling has continued, and several analysts have trimmed price targets even though the overall rating remains Moderate Buy.

Bamco Inc. NY increased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 2.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,515,982 shares of the company's stock after purchasing an additional 35,206 shares during the period. Bamco Inc. NY owned approximately 0.98% of Procore Technologies worth $110,273,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Blue Owl Capital Holdings LP purchased a new position in shares of Procore Technologies during the 4th quarter worth approximately $6,857,000. Robinhood Asset Management LLC purchased a new position in shares of Procore Technologies during the 4th quarter worth approximately $7,136,000. Spyglass Capital Management LLC boosted its position in shares of Procore Technologies by 5.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company's stock worth $68,828,000 after purchasing an additional 45,790 shares during the period. Stephens Investment Management Group LLC lifted its holdings in Procore Technologies by 20.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company's stock worth $32,048,000 after buying an additional 75,436 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock worth $3,332,000 after buying an additional 23,555 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Price Performance

Shares of PCOR opened at $40.14 on Thursday. Procore Technologies, Inc. has a twelve month low of $40.04 and a twelve month high of $82.32. The firm's fifty day simple moving average is $50.01 and its 200-day simple moving average is $58.68. The firm has a market capitalization of $6.06 billion, a price-to-earnings ratio of -78.70 and a beta of 0.73. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the previous year, the business posted $0.23 earnings per share. Procore Technologies's revenue for the quarter was up 15.7% compared to the same quarter last year. Equities analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insider Activity

In other news, Director Connor Kevin J. O sold 5,769 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $42.00, for a total value of $242,298.00. Following the sale, the director directly owned 973,670 shares in the company, valued at approximately $40,894,140. This trade represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction that occurred 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 sale, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. This represents a 3.92% decrease in their position. 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. In the last three months, insiders have sold 189,621 shares of company stock worth $9,054,472. 16.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PCOR has been the topic of a number of research reports. UBS Group reduced their target price on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. TD Cowen reduced their target price on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, April 21st. Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. BTIG Research reiterated a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group reduced their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $71.33.

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. 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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