Man Group plc Buys Shares of 35,114 Procore Technologies, Inc. $PCOR

Key Points

• Man Group initiated a Procore Technologies stake of 35,114 shares valued at approximately $1.43 million during the second quarter. Institutional investors collectively own 81.1% of PCOR.
• Procore exceeded quarterly expectations, reporting $0.47 in earnings per share versus a $0.42 consensus estimate and $375.2 million in revenue, up 15.8% year over year.
• Insiders have sold 224,200 shares worth approximately $11.1 million over the past 90 days, while analysts maintain a “Moderate Buy” consensus with an average price target of $70.44.

Man Group plc purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 35,114 shares of the company's stock, valued at approximately $1,426,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jupiter Topco LLC acquired a new position in shares of Procore Technologies in the second quarter valued at approximately $39,332,000. Route One Investment Company L.P. bought a new stake in Procore Technologies during the 2nd quarter worth approximately $37,297,000. Canada Pension Plan Investment Board bought a new stake in Procore Technologies during the 2nd quarter worth approximately $3,176,000. Lead Edge Capital Management LLC acquired a new position in Procore Technologies in the 2nd quarter valued at approximately $20,921,372. Finally, Legal & General Group Plc acquired a new position in Procore Technologies in the 2nd quarter valued at approximately $4,265,000. 81.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 224,200 shares of company stock valued at $11,136,134 over the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Procore Technologies Stock Down 1.4%

PCOR stock opened at $59.53 on Thursday. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of -228.95 and a beta of 0.74. The company's fifty day simple moving average is $51.63 and its 200 day simple moving average is $51.76. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the company posted $0.35 EPS. The business's quarterly revenue was up 15.8% on a year-over-year basis. Research analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PCOR. TD Cowen cut their price target on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. Guggenheim started coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a "buy" rating and a $68.00 target price for the company. UBS Group lifted their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, July 31st. The Goldman Sachs Group reduced their price target on Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Finally, BMO Capital Markets raised their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $70.44.

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.

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