Corient Private Wealth LP Acquires New Position in Procore Technologies, Inc. $PCOR

Key Points

• Corient Private Wealth initiated a position in Procore Technologies during the second quarter, purchasing 49,561 shares valued at approximately $2.0 million. Institutional investors collectively own 81.1% of the company.
• Procore reported quarterly EPS of $0.47, exceeding estimates of $0.42, while revenue rose 15.8% year over year to $375.2 million. Shares opened at $59.53, below the analyst consensus price target of $70.44.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus, although several firms lowered their price targets. Company insiders sold 224,200 shares worth roughly $11.1 million over the past 90 days.

Corient Private Wealth LP acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 49,561 shares of the company's stock, valued at approximately $2,013,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its stake in shares of 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 purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the 3rd quarter worth $34,000. Twin Tree Management LP acquired a new stake in Procore Technologies in the second quarter valued at about $40,000. Allworth Financial LP boosted its stake in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new position in Procore Technologies in the second quarter valued at about $52,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Down 1.4%

Shares of PCOR stock opened at $59.53 on Thursday. The firm has a market capitalization of $9.05 billion, a price-to-earnings ratio of -228.95 and a beta of 0.74. The business's 50-day moving average price is $51.63 and its 200-day moving average price is $51.76. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 earnings per share. On average, sell-side analysts predict that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,943 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the transaction, the insider directly owned 86,931 shares of the company's stock, valued at $5,507,078.85. This trade represents a 4.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 224,200 shares of company stock worth $11,136,134 over the last ninety days. Insiders own 16.80% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. TD Cowen reduced their price target on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, July 28th. Piper Sandler decreased their price target on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. BTIG Research reiterated a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.44.

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. 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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