Lord Abbett & CO. LLC Makes New Investment in Procore Technologies, Inc. $PCOR

Key Points

• Lord Abbett & CO. LLC acquired a new position in Procore Technologies by purchasing 186,796 shares worth approximately $12.3 million, which constitutes roughly 0.13% of the company's total shares.
• Procore Technologies reported a quarterly revenue of $323.92 million, exceeding analyst expectations, and EPS of $0.35, outperforming the consensus estimate of $0.24.
• The average price target for Procore Technologies among analysts is $83.06, indicating a "Moderate Buy" consensus with a range of ratings including 13 buy ratings and 6 holds.

Lord Abbett & CO. LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 186,796 shares of the company's stock, valued at approximately $12,332,000. Lord Abbett & CO. LLC owned approximately 0.13% of Procore Technologies as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Ancora Advisors LLC boosted its stake in Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after purchasing an additional 850 shares during the period. Versant Capital Management Inc boosted its stake in Procore Technologies by 174.2% in the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after purchasing an additional 636 shares during the period. GeoWealth Management LLC purchased a new stake in shares of Procore Technologies during the 4th quarter worth approximately $78,000. Signaturefd LLC raised its holdings in shares of Procore Technologies by 53.4% during the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after acquiring an additional 419 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Procore Technologies by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after acquiring an additional 497 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Trading Up 1.3%

Procore Technologies stock traded up $0.84 during mid-day trading on Monday, hitting $66.10. The company's stock had a trading volume of 737,106 shares, compared to its average volume of 2,395,262. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The company has a 50 day moving average of $68.93 and a 200-day moving average of $69.01. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92. The stock has a market cap of $9.93 billion, a PE ratio of -68.86 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results 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. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The business had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. During the same quarter last year, the firm posted $0.39 earnings per share. The business's revenue was up 13.9% compared to the same quarter last year. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 1,390 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $75.00, for a total transaction of $104,250.00. Following the transaction, the insider owned 96,167 shares of the company's stock, valued at approximately $7,212,525. This represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J.G. Griffith sold 309,168 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the transaction, the director owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 656,755 shares of company stock valued at $42,751,179. Insiders own 21.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PCOR. Piper Sandler upped their price objective on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. UBS Group decreased their price objective on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Scotiabank decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Thursday, April 24th. Robert W. Baird upped their price objective on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, DA Davidson began coverage on Procore Technologies in a report on Monday, August 4th. They set a "neutral" rating and a $70.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $83.06.

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.