Procore Technologies, Inc. $PCOR Shares Bought by Circle Wealth Management LLC

Key Points

• Circle Wealth Management LLC increased its stake in Procore Technologies by 85.8% in Q1, now holding 12,656 shares valued at $836,000.
• Multiple hedge funds have recently made significant adjustments, with 81.10% of Procore's stock currently owned by institutional investors.
• Analysts have set new price targets, with the consensus rating for Procore Technologies being a "Moderate Buy" and an average price target of $83.06.

Circle Wealth Management LLC boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 85.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,656 shares of the company's stock after acquiring an additional 5,846 shares during the period. Circle Wealth Management LLC's holdings in Procore Technologies were worth $836,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after buying an additional 1,492,869 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Procore Technologies by 134.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after buying an additional 660,726 shares during the period. Wellington Management Group LLP lifted its position in Procore Technologies by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after acquiring an additional 451,238 shares during the period. Durable Capital Partners LP purchased a new position in Procore Technologies in the 4th quarter valued at $33,726,000. Finally, Nuveen LLC acquired a new stake in shares of Procore Technologies in the 1st quarter worth $26,224,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Up 4.8%

PCOR traded up $3.0790 during trading hours on Friday, reaching $67.7590. 2,906,259 shares of the stock traded hands, compared to its average volume of 2,504,946. Procore Technologies, Inc. has a fifty-two week low of $52.78 and a fifty-two week high of $88.92. The company has a market cap of $10.18 billion, a price-to-earnings ratio of -70.58 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29. The firm's fifty day simple moving average is $68.94 and its two-hundred day simple moving average is $68.68.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period in the prior year, the company posted $0.39 EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on PCOR shares. Robert W. Baird lifted their price target on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Piper Sandler increased their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. KeyCorp upped their price objective on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Mizuho lifted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Barclays raised their price objective on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $83.06.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 797 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $63.85, for a total transaction of $50,888.45. Following the completion of the transaction, the chief financial officer directly owned 189,457 shares in the company, valued at approximately $12,096,829.45. This represents a 0.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 4,205 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the sale, the insider directly owned 86,366 shares in the company, valued at $5,498,923.22. This represents a 4.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 664,449 shares of company stock worth $43,235,011 in the last three months. 21.50% of the stock is owned by insiders.

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.