BlackRock Inc. Makes New $300.35 Million Investment in Procore Technologies, Inc. $PCOR

Key Points

• BlackRock purchased 7.39 million Procore shares valued at approximately $300.35 million, giving it a 4.87% stake. Institutional investors collectively own 81.1% of PCOR.
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus a $0.42 estimate and revenue of $375.21 million, up 15.8% year over year.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and average price target of $70.44, although insiders have sold $11.33 million of shares over the past 90 days.

BlackRock Inc. purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,394,012 shares of the company's stock, valued at approximately $300,345,000. BlackRock Inc. owned about 4.87% of Procore Technologies at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies in the third quarter worth $34,000. Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after acquiring an additional 204 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Procore Technologies in the second quarter valued at $52,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies in the fourth quarter valued at $54,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Trading Down 0.2%

Shares of Procore Technologies stock opened at $60.51 on Thursday. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The stock has a market capitalization of $9.20 billion, a P/E ratio of -232.73 and a beta of 0.70. The business's fifty day moving average price is $49.35 and its 200 day moving average price is $51.34.

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

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at $52,524,295.44. The trade was a 5.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 228,142 shares of company stock worth $11,333,234. Insiders own 16.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on PCOR shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. TD Cowen lowered their price target on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Barclays upped their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. Finally, Jefferies Financial Group cut their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $70.44.

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. 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.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source