Corient Private Wealth LP Invests $2.17 Million in Procore Technologies, Inc. $PCOR

Key Points

• Corient Private Wealth acquired 53,300 Procore Technologies shares worth approximately $2.17 million in the second quarter. Institutional investors and hedge funds collectively own 81.1% of PCOR.
• Procore reported quarterly EPS of $0.47, beating estimates by $0.05, while revenue reached $375.21 million—up 15.8% year over year and above analyst expectations.
• PCOR shares opened at $51.09, below the $70.12 analyst consensus target. Despite some insider selling and mixed individual ratings, analysts maintain an overall “Buy” consensus.

Corient Private Wealth LP acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 53,300 shares of the company's stock, valued at approximately $2,165,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. HighTower Advisors LLC raised its position in shares of Procore Technologies by 91.5% in the second quarter. HighTower Advisors LLC now owns 54,029 shares of the company's stock valued at $2,195,000 after buying an additional 25,809 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Procore Technologies during the 2nd quarter worth $562,000. AXQ Capital LP acquired a new stake in shares of Procore Technologies during the 2nd quarter worth $2,621,000. Nykredit A S bought a new position in shares of Procore Technologies in the second quarter worth $145,000. Finally, Spyglass Capital Management LLC raised its stake in Procore Technologies by 4.7% in the second quarter. Spyglass Capital Management LLC now owns 1,052,908 shares of the company's stock valued at $42,769,000 after purchasing an additional 47,537 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Up 0.5%

NYSE PCOR opened at $51.09 on Thursday. The company has a market cap of $7.76 billion, a price-to-earnings ratio of -196.51 and a beta of 0.74. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The business's fifty day moving average is $55.00 and its 200 day moving average is $51.79.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the firm posted $0.35 earnings per share. On average, research analysts anticipate that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP William Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the transaction, the senior vice president owned 104,981 shares of the company's stock, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elisa Steele sold 1,500 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the transaction, the director directly owned 58,371 shares in the company, valued at $3,677,373. This represents a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 220,348 shares of company stock valued at $11,591,165 over the last quarter. 16.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on PCOR shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Jefferies Financial Group reduced their target price on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, July 21st. Cantor Fitzgerald began coverage on Procore Technologies in a research note on Tuesday, September 15th. They issued an "overweight" rating and a $65.00 price target on the stock. Finally, Piper Sandler lowered their price target on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Procore Technologies currently has a consensus rating of "Buy" and a consensus price target of $70.12.

Procore Technologies Company Profile

Procore Technologies, Inc NYSE: PCOR provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company's products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.