Procore Technologies, Inc. $PCOR Shares Bought by Ieq Capital LLC

Key Points

• Ieq Capital LLC has increased its stake in Procore Technologies by 10.1%, acquiring an additional 23,449 shares to own a total of 256,346 shares valued at approximately $16.9 million.
• Procore Technologies reported a 13.9% increase in quarterly revenue year-over-year, reaching $323.92 million, and exceeded earnings per share estimates by $0.11.
• Several equity analysts have assigned improved ratings for Procore Technologies, with target prices ranging from $70.00 to $91.00 and a consensus rating of "Moderate Buy".

Ieq Capital LLC increased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 256,346 shares of the company's stock after purchasing an additional 23,449 shares during the quarter. Ieq Capital LLC owned 0.17% of Procore Technologies worth $16,924,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its holdings in Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after acquiring an additional 1,492,869 shares during the period. Principal Financial Group Inc. boosted its holdings in Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after acquiring an additional 82,311 shares during the period. Janus Henderson Group PLC boosted its holdings in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after acquiring an additional 322,367 shares during the period. Wellington Management Group LLP boosted its holdings in Procore Technologies by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after acquiring an additional 451,238 shares during the period. Finally, Westfield Capital Management Co. LP boosted its holdings in Procore Technologies by 7.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock valued at $124,067,000 after acquiring an additional 126,070 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Down 3.0%

Shares of PCOR stock traded down $2.12 during mid-day trading on Tuesday, hitting $67.40. The stock had a trading volume of 183,016 shares, compared to its average volume of 1,462,815. Procore Technologies, Inc. has a 12-month low of $52.78 and a 12-month high of $88.92. The firm has a market capitalization of $10.12 billion, a P/E ratio of -70.19 and a beta of 0.90. The firm's 50-day moving average is $69.16 and its two-hundred day moving average is $68.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29.

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 analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PCOR has been the subject of a number of recent analyst reports. Barclays boosted their price objective on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Arete initiated coverage on Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective for the company. DA Davidson initiated coverage on Procore Technologies in a report on Monday, August 4th. They set a "neutral" rating and a $70.00 price objective for the company. KeyCorp boosted their price objective on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Stifel Nicolaus upped their target price on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 4,205 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the sale, the insider directly owned 86,366 shares in the company, valued at $5,498,923.22. This represents a 4.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Howard Fu sold 797 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $63.85, for a total value of $50,888.45. Following the sale, the chief financial officer owned 189,457 shares of the company's stock, valued at $12,096,829.45. This trade represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 664,449 shares of company stock worth $43,235,011 in the last three months. 21.50% of the stock is owned by insiders.

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.