Jefferies Financial Group Inc. Purchases Shares of 41,407 Procore Technologies, Inc. $PCOR

Key Points

• Jefferies established a new position in Procore, buying 41,407 shares in Q3 valued at about $3.02 million.
• Large institutions have been adding to stakes (Vanguard now owns 12.35M shares) and institutional ownership stands at 81.10%, while insiders have sold 314,098 shares (~$22.23M) over the last 90 days.
• Procore beat quarterly EPS estimates ($0.37 vs. $0.35) with revenue up 15.6% to $349.11M; the company has a market cap of $8.63B, a negative PE (-85.8), and a consensus analyst target of about $76.95 (majority "Buy" ratings).

Jefferies Financial Group Inc. purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 41,407 shares of the company's stock, valued at approximately $3,019,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Procore Technologies by 6.2% in the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company's stock valued at $900,823,000 after buying an additional 718,663 shares in the last quarter. Wasatch Advisors LP increased its holdings in Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock worth $318,592,000 after buying an additional 1,717,492 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Procore Technologies by 76.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company's stock worth $294,449,000 after acquiring an additional 1,750,998 shares in the last quarter. Principal Financial Group Inc. raised its position in Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company's stock worth $240,753,000 after acquiring an additional 360,207 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Procore Technologies by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company's stock valued at $224,594,000 after acquiring an additional 23,038 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the transaction, the insider owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J.G. Griffith sold 207,474 shares of the firm's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the transaction, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. This represents a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 314,098 shares of company stock worth $22,229,482. Company insiders own 21.50% of the company's stock.

Procore Technologies Stock Performance

PCOR opened at $57.49 on Wednesday. The business has a fifty day simple moving average of $60.36 and a 200 day simple moving average of $68.54. The company has a market capitalization of $8.63 billion, a PE ratio of -85.80 and a beta of 0.90. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same period in the prior year, the company posted $0.01 earnings per share. Procore Technologies's revenue was up 15.6% compared to the same quarter last year. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PCOR. Piper Sandler decreased their price objective on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating for the company in a research report on Friday, February 13th. Canaccord Genuity Group cut their target price on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a research note on Friday, February 13th. UBS Group reduced their price target on Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a report on Tuesday, February 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Finally, Zacks Research lowered Procore Technologies from a "hold" rating to a "strong sell" rating in a research note on Tuesday, February 17th. Seventeen analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.95.

About Procore Technologies

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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