Engineers Gate Manager LP Buys Shares of 23,915 Procore Technologies, Inc. $PCOR

Key Points

• Engineers Gate Manager LP initiated a Procore Technologies position by purchasing 23,915 shares valued at approximately $971,000. Institutional investors collectively own 81.1% of PCOR.
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus the $0.42 consensus and revenue of $375.21 million, up 15.8% year over year.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $70.12, while company insiders sold 220,348 shares worth approximately $11.6 million over the past 90 days.

Engineers Gate Manager LP bought a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 23,915 shares of the company's stock, valued at approximately $971,000.

Several other institutional investors have also modified their holdings of PCOR. SJS Investment Consulting Inc. increased its position in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Allworth Financial LP lifted its holdings 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 acquiring an additional 204 shares during the last quarter. Employees Retirement System of Texas acquired a new position in Procore Technologies in the fourth quarter valued at approximately $54,000. Global Retirement Partners LLC grew its position in Procore Technologies by 116.2% in the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock worth $61,000 after acquiring an additional 453 shares during the period. Finally, Twin Tree Management LP purchased a new position in Procore Technologies in the second quarter worth approximately $40,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $51.33 on Friday. The firm has a market capitalization of $7.80 billion, a PE ratio of -197.42 and a beta of 0.74. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The firm's 50-day moving average is $54.54 and its two-hundred day moving average is $51.95.

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

Analyst Ratings Changes

A number of equities research analysts have commented on PCOR shares. Barclays lifted their target price on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. BTIG Research reissued a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. Piper Sandler decreased their target price on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Finally, BMO Capital Markets increased their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has a consensus rating of "Buy" and an average target price of $70.12.

Insiders Place Their Bets

In related news, Director Kevin O'Connor sold 7,692 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total transaction of $477,134.76. Following the completion of the transaction, the director directly owned 931,362 shares of the company's stock, valued at $57,772,384.86. The trade was a 0.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the business's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $53.48, for a total value of $3,001,404.56. Following the transaction, the chairman directly owned 908,316 shares of the company's stock, valued at $48,576,739.68. The trade was a 5.82% 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. In the last 90 days, insiders sold 220,348 shares of company stock valued at $11,591,165. 16.80% of the stock is owned by company insiders.

About Procore Technologies

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.