Jefferies Financial Group Inc. Purchases Shares of 53,963 Procore Technologies, Inc. $PCOR

Key Points

• Jefferies Financial Group acquired 53,963 Procore Technologies shares worth approximately $2.19 million during the second quarter. Institutional investors collectively own 81.1% of the company.
• Analysts maintain a generally positive view, with an average “Moderate Buy” rating and a $70.44 price target, despite some recent target reductions.
• Procore exceeded quarterly expectations, reporting $0.47 in earnings per share and $375.2 million in revenue, up 15.8% year over year. However, insiders sold 224,200 shares worth $11.1 million over the past 90 days.

Jefferies Financial Group Inc. acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 53,963 shares of the company's stock, valued at approximately $2,192,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. boosted its stake in Procore Technologies by 7,100.0% in 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 purchased a new position in shares of Procore Technologies in the third quarter worth $34,000. Allworth Financial LP lifted its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after buying an additional 204 shares in the last quarter. Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the fourth quarter worth $54,000. Finally, Global Retirement Partners LLC grew its stake in Procore Technologies by 116.2% during the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock valued at $61,000 after acquiring an additional 453 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on PCOR. Piper Sandler decreased their price target on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. BTIG Research reissued a "buy" rating and set a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. The Goldman Sachs Group reduced their price objective on Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Wall Street Zen downgraded Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Barclays raised their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $70.44.

Procore Technologies Stock Up 0.2%

Shares of PCOR opened at $63.81 on Friday. The business has a fifty day moving average of $50.31 and a 200 day moving average of $51.51. The company has a market cap of $9.70 billion, a PE ratio of -245.42 and a beta of 0.70. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business's revenue for the quarter was up 15.8% on a year-over-year basis. As a group, research analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the sale, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 3,943 shares of Procore Technologies stock in a transaction on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares of the company's stock, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 224,200 shares of company stock worth $11,136,134. Corporate insiders own 16.80% of the company's stock.

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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