Madison Asset Management LLC Makes New $3.04 Million Investment in Procore Technologies, Inc. $PCOR

Key Points

• Madison Asset Management initiated a $3.04 million position in Procore Technologies by purchasing 74,738 shares during the second quarter. Institutional investors collectively own 81.1% of the company.
• Procore reported quarterly revenue of $375.21 million, up 15.8% year over year and above estimates, while adjusted earnings of $0.47 per share exceeded consensus by $0.05.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $70.44 versus the reported share price of $63.01; however, insiders have sold $11.08 million worth of shares over the past three months.

Madison Asset Management LLC purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 74,738 shares of the company's stock, valued at approximately $3,036,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SJS Investment Consulting Inc. increased its stake in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies in the third quarter worth approximately $34,000. Allworth Financial LP lifted its stake in 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 acquiring an additional 204 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Procore Technologies during the 2nd quarter worth approximately $52,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $54,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Trading Up 0.1%

Shares of NYSE:PCOR opened at $63.01 on Friday. The firm has a 50 day simple moving average of $47.76 and a 200-day simple moving average of $51.10. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a market capitalization of $9.57 billion, a PE ratio of -242.35 and a beta of 0.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period last year, the firm posted $0.35 EPS. The company's revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the transaction, the director owned 946,746 shares of the company's stock, valued at approximately $52,004,757.78. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the sale, the chairman owned 919,704 shares in the company, valued at $41,515,438.56. This trade represents a 5.75% 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. Over the last three months, insiders have sold 224,199 shares of company stock worth $11,083,445. Insiders own 16.80% of the company's stock.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of analyst reports. Barclays raised their price objective 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. TD Cowen dropped their target price on Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. BMO Capital Markets raised their price target on Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. The Goldman Sachs Group decreased their price target on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $70.44.

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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