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

Key Points

• Madison Asset Management initiated a new position in Procore Technologies during the first quarter, buying 39,358 shares valued at about $2.24 million.
• Procore shares were down 5.9% to $41.71, and the stock is well below its 52-week high of $82.32 while trading under both its 50-day and 200-day moving averages.
• The company’s latest earnings missed EPS estimates but beat revenue expectations, while analysts remain mostly bullish with a consensus “Moderate Buy” rating and average price target of $70.62.

Madison Asset Management LLC bought a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 39,358 shares of the company's stock, valued at approximately $2,243,000.

Other hedge funds have also recently made changes to their positions in the company. SJS Investment Consulting Inc. lifted its stake in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the 3rd quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies during the 4th quarter valued at approximately $41,000. Allworth Financial LP raised its holdings in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies in the fourth quarter worth $54,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly 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 document filed with the SEC, which is available at 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 the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. The trade was 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. Insiders have sold a total of 189,621 shares of company stock valued at $8,791,847 over the last quarter. 16.80% of the stock is owned by corporate insiders.

Procore Technologies Trading Down 5.9%

PCOR stock opened at $41.71 on Thursday. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The firm's 50-day moving average is $44.67 and its 200 day moving average is $52.98. The company has a market capitalization of $6.29 billion, a PE ratio of -81.78 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies's revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 earnings per share. On average, research analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on PCOR shares. Barclays dropped their price objective on shares of Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, July 13th. Piper Sandler lowered their target price on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a report on Wednesday, May 6th. TD Cowen dropped their price target on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, UBS Group dropped their target price on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Sixteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.62.

About Procore Technologies

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.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.