Ieq Capital LLC Invests $1.40 Million in Procore Technologies, Inc. $PCOR

Key Points

• Ieq Capital bought a new $1.40 million stake in Procore Technologies during the second quarter, acquiring 34,403 shares. Institutional investors and hedge funds collectively own 81.1% of the company.
• Procore beat quarterly expectations, reporting $0.47 in earnings per share versus the $0.42 consensus and revenue of $375.21 million, up 15.8% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $70.44, while insiders sold 228,142 shares worth approximately $11.3 million during the latest quarter.

Ieq Capital LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 34,403 shares of the company's stock, valued at approximately $1,397,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its position in Procore Technologies by 7,100.0% during the 1st 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 period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the 3rd quarter valued at approximately $34,000. Allworth Financial LP boosted its stake in shares of 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 buying an additional 204 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Procore Technologies in the second quarter valued at approximately $52,000. Finally, Employees Retirement System of Texas acquired a new position in Procore Technologies during the fourth quarter worth $54,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Price Performance

Shares of PCOR opened at $60.51 on Thursday. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The stock has a market cap of $9.20 billion, a price-to-earnings ratio of -232.73 and a beta of 0.70. The firm has a 50 day simple moving average of $49.35 and a 200-day simple moving average of $51.34.

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 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%.Procore Technologies's revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. On average, equities analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on PCOR. Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. Citizens Jmp raised shares of 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. UBS Group raised their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Guggenheim began coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a "buy" rating and a $68.00 target price on the stock. Finally, Jefferies Financial Group dropped their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $70.44.

Insider Buying and Selling at Procore Technologies

In related news, 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 owned 58,371 shares of the company's stock, valued at approximately $3,677,373. The trade was a 2.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Monday, August 10th. The shares were 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 in the company, valued at approximately $52,524,295.44. This trade represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 228,142 shares of company stock valued at $11,333,234. 16.80% of the stock is owned by company insiders.

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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