Cooper Investors PTY Ltd. Takes Position in Procore Technologies, Inc. $PCOR

Key Points

• Cooper Investors PTY Ltd. acquired 73,513 shares of Procore Technologies, Inc. for approximately $5 million in the 2nd quarter, indicating growing institutional interest in the company.
• A majority of 81.10% of Procore Technologies' stock is now owned by hedge funds and other institutional investors, reflecting significant institutional involvement.
• Procore Technologies recently reported a quarterly EPS of $0.35, exceeding the consensus estimate of $0.24, and achieved a 13.9% increase in revenue compared to the previous year.

Cooper Investors PTY Ltd. bought a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 73,513 shares of the company's stock, valued at approximately $5,030,000.

A number of other large investors also recently bought and sold shares of PCOR. Northwestern Mutual Wealth Management Co. lifted its position in Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after buying an additional 385 shares during the last quarter. SVB Wealth LLC purchased a new stake in Procore Technologies during the first quarter worth about $49,000. Versant Capital Management Inc increased its stake in Procore Technologies by 174.2% during the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after purchasing an additional 636 shares during the period. Signaturefd LLC increased its stake in Procore Technologies by 53.4% during the first quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after purchasing an additional 419 shares during the period. Finally, GAMMA Investing LLC increased its stake in Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after purchasing an additional 497 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Price Performance

Procore Technologies stock traded up $5.00 during midday trading on Tuesday, reaching $75.41. The company's stock had a trading volume of 1,772,491 shares, compared to its average volume of 1,462,093. Procore Technologies, Inc. has a fifty-two week low of $53.71 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The stock's 50 day simple moving average is $69.09 and its 200 day simple moving average is $67.37. The firm has a market capitalization of $11.33 billion, a PE ratio of -79.16 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results 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 return on equity of 7.66% and a negative net margin of 11.58%.The business had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same quarter last year, the business posted $0.39 earnings per share. The business'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. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCOR. Mizuho boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. JMP Securities reiterated a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. Barclays upped their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. BMO Capital Markets upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Insider Activity

In other Procore Technologies news, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $74.35, for a total value of $60,520.90. Following the completion of the sale, the chief financial officer owned 197,457 shares in the company, valued at $14,680,927.95. The trade was a 0.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Connor Kevin J. O sold 8,035 shares of Procore Technologies stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This trade represents a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,817 shares of company stock worth $3,030,624 over the last 90 days. 21.50% of the stock is currently owned by corporate 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.