Durable Capital Partners LP Acquires 375,020 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Durable Capital Partners LP increased its stake in Procore Technologies, holding 825,120 shares valued at approximately $54.47 million after an 83.3% rise in the first quarter.
• Several institutional investors, including Two Sigma Investments LP and Park Avenue Securities LLC, have also increased their positions in Procore Technologies, indicating strong institutional support.
• Procore Technologies reported a 13.9% year-over-year increase in revenue, generating $323.92 million in the last quarter, surpassing analyst expectations.

Durable Capital Partners LP raised its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 83.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 825,120 shares of the company's stock after acquiring an additional 375,020 shares during the quarter. Durable Capital Partners LP owned approximately 0.55% of Procore Technologies worth $54,474,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its holdings in Procore Technologies by 277.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares during the period. SVB Wealth LLC bought a new stake in Procore Technologies during the first quarter valued at about $49,000. Ancora Advisors LLC raised its holdings in Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after acquiring an additional 850 shares during the period. Versant Capital Management Inc raised its holdings in Procore Technologies by 174.2% during the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after acquiring an additional 636 shares during the period. Finally, Signaturefd LLC raised its holdings in Procore Technologies by 53.4% during the first quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after acquiring an additional 419 shares during the period. 81.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on PCOR shares. Citizens Jmp cut Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 1st. JMP Securities reiterated a "market perform" rating and issued a $95.00 target price on shares of Procore Technologies in a research report on Friday, August 1st. KeyCorp boosted their target price on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Piper Sandler boosted their target price on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Arete started coverage on Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $83.06.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total transaction of $509,825.76. Following the sale, the director directly owned 1,146,405 shares of the company's stock, valued at $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,205 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total value of $267,732.35. Following the sale, the insider directly owned 86,366 shares in the company, valued at $5,498,923.22. The trade was 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 valued at $43,235,011 over the last ninety days. 21.50% of the stock is owned by insiders.

Procore Technologies Trading Up 1.2%

NYSE PCOR traded up $0.84 during trading hours on Friday, hitting $70.01. 2,090,888 shares of the company were exchanged, compared to its average volume of 1,441,479. The stock has a 50-day moving average price of $69.23 and a 200 day moving average price of $68.05. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $52.78 and a 52 week high of $88.92. The stock has a market cap of $10.51 billion, a PE ratio of -72.92 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $323.92 million for the quarter, compared to analysts' expectations of $311.91 million. During the same period in the previous year, the firm posted $0.39 earnings per share. 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. Analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.