Bamco Inc. NY Makes New $62.12 Million Investment in Procore Technologies, Inc. $PCOR

Bamco Inc. NY bought a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,529,188 shares of the company's stock, valued at approximately $62,116,000. Bamco Inc. NY owned approximately 1.01% of Procore Technologies as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. SJS Investment Consulting Inc. lifted its position in shares of Procore Technologies by 7,100.0% during the first 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 acquired a new position in Procore Technologies in the 3rd quarter worth $34,000. Allworth Financial LP boosted its position in Procore Technologies by 48.2% in the 4th 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 last quarter. Employees Retirement System of Texas purchased a new position in Procore Technologies in the 4th quarter valued at about $54,000. Finally, Global Retirement Partners LLC grew its stake in shares of Procore Technologies by 116.2% during the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock valued at $61,000 after acquiring an additional 453 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Trading Down 0.2%

Shares of NYSE PCOR opened at $60.51 on Thursday. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of -232.73 and a beta of 0.70. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The business has a 50 day simple moving average of $49.35 and a 200-day simple moving average of $51.34.

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

Analyst Upgrades and Downgrades

PCOR has been the topic of several recent analyst reports. BTIG Research reiterated a "buy" rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Jefferies Financial Group cut their target price on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, July 21st. Barclays upped their target price on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Finally, BMO Capital Markets raised their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. One research 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and an average price target of $70.44.

Insider Buying and Selling

In related news, SVP William Fred Fleming, Jr. sold 10,000 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the transaction, the senior vice president directly owned 104,981 shares in the company, valued at $6,188,629.95. This represents a 8.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 15,386 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $54.93, for a total value of $845,152.98. Following the completion of the sale, the director directly owned 946,746 shares in the company, valued at $52,004,757.78. This represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 228,142 shares of company stock valued at $11,333,234 in the last 90 days. Corporate insiders own 16.80% of the company's stock.

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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