Landscape Capital Management L.L.C. Invests $687,000 in Procore Technologies, Inc. $PCOR

Key Points

• Landscape Capital Management initiated a $687,000 position in Procore Technologies, purchasing 16,904 shares during the second quarter. Institutional investors collectively own 81.1% of the company.
• Procore insiders sold 224,199 shares worth approximately $11.1 million over the past three months, including sales by an insider and a director under pre-arranged Rule 10b5-1 plans.
• Procore exceeded quarterly expectations with adjusted EPS of $0.47 versus $0.42 forecast and revenue of $375.2 million, up 15.8% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $70.44, compared with a recent share price of $63.30.

Landscape Capital Management L.L.C. bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 16,904 shares of the company's stock, valued at approximately $687,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PCOR. Brighton Jones LLC acquired a new stake in Procore Technologies in the fourth quarter worth about $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock valued at $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock valued at $23,156,000 after acquiring an additional 52,507 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock valued at $471,000 after purchasing an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock valued at $500,000 after purchasing an additional 269 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Buying and Selling at Procore Technologies

In other news, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. The trade was a 3.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 15,386 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total value of $845,152.98. Following the completion of the sale, the director owned 946,746 shares in the company, valued at $52,004,757.78. The trade was a 1.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 224,199 shares of company stock worth $11,083,445. 16.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on PCOR shares. Wall Street Zen downgraded shares of Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Piper Sandler lowered their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. UBS Group upped their target price on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price for the company in a research note on Wednesday, April 29th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $70.44.

Procore Technologies Trading Down 0.3%

Shares of NYSE:PCOR opened at $63.30 on Monday. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a market cap of $9.62 billion, a PE ratio of -243.46 and a beta of 0.70. The company's 50 day moving average is $48.18 and its 200 day moving average is $51.15.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analysts' expectations 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 quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. Equities research analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

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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