Hillsdale Investment Management Inc. Makes New Investment in Procore Technologies, Inc. $PCOR

Key Points

• Hillsdale Investment Management opened a new position in Procore Technologies during the first quarter, buying 55,800 shares valued at about $3.18 million.
• Institutional interest in Procore remains high, with 81.1% of the stock owned by institutions and several other funds also recently adding to or establishing positions.
• Procore shares were up 1.4% to $43.64, but the company recently missed EPS estimates even as revenue came in above expectations and rose 15.7% year over year; analysts still rate the stock Moderate Buy on average.

Hillsdale Investment Management Inc. purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 55,800 shares of the company's stock, valued at approximately $3,181,000.

Other institutional investors also recently modified their holdings of the company. Blue Owl Capital Holdings LP acquired a new position in Procore Technologies in the fourth quarter valued at $6,857,000. Robinhood Asset Management LLC acquired a new stake in Procore Technologies during the 4th quarter worth about $7,136,000. PNC Financial Services Group Inc. raised its position in shares of Procore Technologies by 105.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock worth $3,332,000 after acquiring an additional 23,555 shares in the last quarter. Stephens Investment Management Group LLC raised its position in shares of Procore Technologies by 20.7% in the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company's stock worth $32,048,000 after acquiring an additional 75,436 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Procore Technologies by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 2,211,144 shares of the company's stock valued at $160,872,000 after purchasing an additional 91,204 shares during the period. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Up 1.4%

Shares of NYSE:PCOR opened at $43.64 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The business's 50 day simple moving average is $45.23 and its two-hundred day simple moving average is $54.00. The firm has a market cap of $6.59 billion, a P/E ratio of -85.58 and a beta of 0.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company's revenue was up 15.7% compared to the same quarter last year. As a group, research analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares of the company's stock, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. This trade represents a 3.92% 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. Insiders have sold a total of 189,621 shares of company stock worth $8,791,847 in the last ninety days. Corporate insiders own 16.80% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on PCOR shares. UBS Group cut their target price on Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Barclays lowered their target price on Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a report on Monday. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a research note on Wednesday, April 29th. Piper Sandler cut their price target on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $70.33.

Procore Technologies 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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