Inspire Investing LLC Purchases 31,254 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Inspire Investing increased its Procore Technologies position by 182.3% in the third quarter, acquiring 31,254 additional shares and bringing its holdings to 48,395 shares valued at approximately $2.5 million.
• Institutional investors and hedge funds own 81.1% of Procore, while company insiders have sold 222,271 shares worth $12.45 million over the past 90 days.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $69.75. Procore recently exceeded quarterly earnings and revenue estimates, reporting $0.47 in EPS on $375.2 million in revenue.

Inspire Investing LLC grew its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 182.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 48,395 shares of the company's stock after buying an additional 31,254 shares during the period. Inspire Investing LLC's holdings in Procore Technologies were worth $2,503,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Procore Technologies by 117,109.7% in the third quarter. Nisa Investment Advisors LLC now owns 36,335 shares of the company's stock worth $1,879,000 after purchasing an additional 36,304 shares during the period. Hanson & Doremus Investment Management raised its holdings in Procore Technologies by 7.2% during the 3rd quarter. Hanson & Doremus Investment Management now owns 32,207 shares of the company's stock worth $1,666,000 after purchasing an additional 2,151 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Procore Technologies by 0.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company's stock worth $229,154,000 after purchasing an additional 32,494 shares during the last quarter. Whetstone Capital Advisors LLC bought a new stake in Procore Technologies during the 2nd quarter worth about $1,990,000. Finally, Engineers Gate Manager LP acquired a new position in Procore Technologies during the 2nd quarter valued at about $971,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $53.50, for a total transaction of $411,522.00. Following the transaction, the director directly owned 915,978 shares in the company, valued at approximately $49,004,823. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 222,271 shares of company stock worth $12,450,532 over the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PCOR. Jefferies Financial Group reduced their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. DA Davidson set a $56.00 price target on shares of Procore Technologies in a research note on Monday, September 28th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. 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. Finally, Weiss Ratings raised shares of Procore Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $69.75.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $63.05 on Monday. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The company has a market capitalization of $9.58 billion, a PE ratio of -242.48 and a beta of 0.78. The company has a 50 day moving average price of $56.56 and a two-hundred day moving average price of $51.44.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 business's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the business posted $0.35 earnings per share. On average, sell-side analysts forecast that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Procore Technologies Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company's technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore's products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.

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