Blair William & Co. IL Grows Position in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Blair William & Co. IL increased its holdings in Procore Technologies by 29.7% during the first quarter, now owning approximately 1,038,635 shares valued at $68.57 million.
• Several institutional investors, including Teacher Retirement System of Texas and GAMMA Investing LLC, also expanded their stakes in Procore Technologies, indicating strong institutional interest in the stock.
• Procore Technologies reported a 13.9% increase in quarterly revenue year-over-year, with earnings per share of $0.35, exceeding analysts' expectations by $0.11.

Blair William & Co. IL increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 29.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,038,635 shares of the company's stock after buying an additional 237,851 shares during the quarter. Blair William & Co. IL owned about 0.70% of Procore Technologies worth $68,571,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas lifted its holdings in shares of Procore Technologies by 89.5% in the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock valued at $1,318,000 after buying an additional 9,428 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Procore Technologies by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after buying an additional 497 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Procore Technologies by 87.4% in the 1st quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock valued at $854,000 after buying an additional 6,038 shares during the period. Amalgamated Bank lifted its holdings in shares of Procore Technologies by 4.2% in the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after buying an additional 295 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Procore Technologies by 8.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock valued at $508,000 after buying an additional 613 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

PCOR opened at $62.06 on Monday. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of -64.65 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The business has a 50 day moving average price of $69.66 and a two-hundred day moving average price of $70.17.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The company had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The company's quarterly revenue was up 13.9% compared to the same quarter last year. Research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PCOR. Stifel Nicolaus lifted their price objective on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday. Scotiabank dropped their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 24th. DA Davidson raised Procore Technologies to a "hold" rating in a research report on Tuesday, July 22nd. Mizuho lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday. Finally, Robert W. Baird lifted their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $82.50.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the transaction, the director directly owned 1,154,097 shares of the company's stock, valued at approximately $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William J.G. Griffith sold 309,168 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the transaction, the director directly owned 1,893,458 shares in the company, valued at $122,620,340.08. The trade was a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 672,447 shares of company stock worth $43,878,843. Insiders own 29.00% 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.

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