HighTower Advisors LLC Has $2.19 Million Stake in Procore Technologies, Inc. $PCOR

Key Points

• HighTower Advisors increased its Procore Technologies stake by 91.5% in the second quarter, ending with 54,029 shares valued at approximately $2.19 million. Institutional investors collectively own 81.1% of PCOR.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $70.44; several firms recently raised their targets, including UBS to $75.
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus $0.42 expected and revenue of $375.21 million, up 15.8% year over year. However, insiders sold roughly $9.08 million of stock over the past three months.

HighTower Advisors LLC lifted its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 91.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,029 shares of the company's stock after buying an additional 25,809 shares during the quarter. HighTower Advisors LLC's holdings in Procore Technologies were worth $2,195,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after acquiring an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies during the 3rd quarter worth $34,000. Allworth Financial LP increased its stake in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the 4th quarter valued at $54,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Procore Technologies by 116.2% during the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock valued at $61,000 after purchasing an additional 453 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the transaction, the chairman owned 919,704 shares of the company's stock, valued at approximately $52,524,295.44. The trade was a 5.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares of the company's stock, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 175,770 shares of company stock valued at $9,079,921. 16.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PCOR has been the subject of a number of recent research reports. UBS Group upped their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Guggenheim began coverage on Procore Technologies in a report on Thursday, July 23rd. They set a "buy" rating and a $68.00 target price on the stock. Zacks Research raised Procore Technologies from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 3rd. BMO Capital Markets upped their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Finally, Barclays increased their price objective on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Two 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 issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.44.

Procore Technologies Trading Up 0.2%

NYSE PCOR opened at $53.34 on Friday. The company has a fifty day simple moving average of $53.66 and a 200 day simple moving average of $51.95. The company has a market cap of $8.11 billion, a P/E ratio of -205.15 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.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The business 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%. Procore Technologies's revenue was up 15.8% compared to the same quarter last year. During the same period last year, the business posted $0.35 EPS. Equities research analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Procore Technologies 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.

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