Blue Owl Capital Holdings LP Makes New Investment in Procore Technologies, Inc. $PCOR

Key Points

• Blue Owl Capital Holdings LP opened a new position in Procore Technologies during the fourth quarter, buying 94,264 shares worth about $6.86 million. The stake represented roughly 0.5% of Blue Owl’s portfolio and about 0.06% of Procore’s shares outstanding.
• Procore continues to attract heavy institutional interest, with several large funds sharply increasing their holdings and institutional ownership now at 81.1%. Notable buyers included Alliancebernstein, Wasatch Advisors, Wellington Management, Holocene Advisors, and Woodline Partners.
• The company reported mixed quarterly results: revenue rose 15.7% year over year to $359.28 million, but EPS of $0.34 missed estimates by $0.02. Analysts remain mostly bullish, with a consensus rating of Moderate Buy and an average price target of $72.56.

Blue Owl Capital Holdings LP purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 94,264 shares of the company's stock, valued at approximately $6,857,000. Procore Technologies comprises about 0.5% of Blue Owl Capital Holdings LP's investment portfolio, making the stock its 15th biggest position. Blue Owl Capital Holdings LP owned about 0.06% of Procore Technologies at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PCOR. Alliancebernstein L.P. increased its position in shares of Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the last quarter. Holocene Advisors LP increased its holdings in shares of Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company's stock worth $144,906,000 after acquiring an additional 1,412,721 shares during the last quarter. Finally, Woodline Partners LP increased its holdings in shares of Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company's stock worth $130,542,000 after acquiring an additional 1,134,657 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $46.90 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock's fifty day moving average price is $53.82 and its two-hundred day moving average price is $62.19. Procore Technologies, Inc. has a one year low of $45.02 and a one year high of $82.32. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of -91.97 and a beta of 0.78.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS 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 period in the prior year, the company earned $0.23 earnings per share. The business's quarterly revenue was up 15.7% compared to the same quarter last year. On average, equities analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the transaction, the insider directly owned 64,660 shares of the company's stock, valued at $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 9,615 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the transaction, the director directly owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 201,435 shares of company stock valued at $10,512,561 in the last ninety days. 16.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent analyst reports. BTIG Research reissued a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Piper Sandler decreased their target price on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. TD Cowen decreased their target price on Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, April 21st. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Finally, KeyCorp decreased their target price on Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, February 6th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $72.56.

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.

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