LTS One Management LP Makes New Investment in Procore Technologies, Inc. $PCOR

Key Points

• LTS One Management LP acquired a new stake in Procore Technologies, Inc. valued at approximately $8.91 million, representing 2.7% of its total holdings.
• Other institutional investors significantly increased their holdings in Procore Technologies, with Teacher Retirement System of Texas boosting its position by 89.5%.
• Procore Technologies reported a 13.9% year-over-year increase in quarterly revenue, totaling $323.92 million, exceeding analysts' estimates.

LTS One Management LP bought a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 135,000 shares of the company's stock, valued at approximately $8,913,000. Procore Technologies makes up 2.7% of LTS One Management LP's investment portfolio, making the stock its 18th largest holding. LTS One Management LP owned approximately 0.09% of Procore Technologies at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Two Sigma Investments LP lifted its stake in Procore Technologies by 5.3% during the 4th quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock valued at $313,000 after acquiring an additional 210 shares in the last quarter. Park Avenue Securities LLC lifted its stake in Procore Technologies by 1.7% during the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock valued at $854,000 after acquiring an additional 221 shares in the last quarter. Xponance Inc. lifted its stake in Procore Technologies by 1.8% during the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock valued at $981,000 after acquiring an additional 263 shares in the last quarter. TFB Advisors LLC lifted its stake in Procore Technologies by 8.1% during the 1st quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock valued at $234,000 after acquiring an additional 264 shares in the last quarter. Finally, Procyon Advisors LLC lifted its stake in Procore Technologies by 8.6% during the 1st quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock valued at $232,000 after acquiring an additional 278 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Insider Activity at Procore Technologies

In other news, Director William J.G. Griffith sold 309,168 shares of the business's 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 completion of the transaction, the director owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Lawrence Joseph Stack sold 2,500 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $65.33, for a total value of $163,325.00. Following the transaction, the executive directly owned 208,288 shares of the company's stock, valued at $13,607,455.04. The trade was a 1.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 664,449 shares of company stock valued at $43,235,011 in the last ninety days. Insiders own 21.50% of the company's stock.

Procore Technologies Price Performance

NYSE PCOR traded down $2.13 during trading hours on Tuesday, hitting $67.38. The company had a trading volume of 253,481 shares, compared to its average volume of 1,463,333. Procore Technologies, Inc. has a 52 week low of $52.78 and a 52 week high of $88.92. The firm has a 50 day simple moving average of $69.16 and a 200 day simple moving average of $68.30. 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 firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of -70.16 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping the consensus estimate 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 company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. Procore Technologies's revenue was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus raised their target price on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Arete assumed coverage on Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 target price for the company. Robert W. Baird raised their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Piper Sandler raised their target price on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, KeyCorp raised their target price on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $83.06.

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.