Nomura Holdings Inc. Acquires New Position in Procore Technologies, Inc. $PCOR

Key Points

• Nomura Holdings Inc. has invested approximately $2.92 million in Procore Technologies by acquiring 44,208 shares during the first quarter of the year.
• Procore Technologies reported a 13.9% year-over-year revenue increase, with a quarterly revenue of $323.92 million, surpassing analysts' expectations.
• Major insider Iconiq Strategic Partners IV sold 192,803 shares at an average price of $64.76, which slightly reduced their ownership stake in the company.

Nomura Holdings Inc. purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 44,208 shares of the company's stock, valued at approximately $2,919,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vident Advisory LLC purchased a new position in shares of Procore Technologies in the first quarter worth about $251,000. Kodai Capital Management LP purchased a new position in shares of Procore Technologies in the first quarter worth about $6,449,000. LTS One Management LP purchased a new position in shares of Procore Technologies in the first quarter worth about $8,913,000. B. Metzler seel. Sohn & Co. AG lifted its stake in shares of Procore Technologies by 47.5% in the first quarter. B. Metzler seel. Sohn & Co. AG now owns 34,621 shares of the company's stock worth $2,286,000 after buying an additional 11,155 shares in the last quarter. Finally, Ieq Capital LLC raised its stake in Procore Technologies by 10.1% during the first quarter. Ieq Capital LLC now owns 256,346 shares of the company's stock worth $16,924,000 after purchasing an additional 23,449 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Trading Up 1.2%

Shares of Procore Technologies stock traded up $0.84 on Friday, reaching $70.01. The company had a trading volume of 2,090,888 shares, compared to its average volume of 1,441,479. The firm's 50 day moving average price is $69.23 and its two-hundred day moving average price is $68.05. The firm has a market cap of $10.51 billion, a PE ratio of -72.92 and a beta of 0.90. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The business's revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Sell-side analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Robert W. Baird lifted their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Arete assumed coverage on shares of Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 target price on the stock. Barclays lifted their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. DA Davidson assumed coverage on shares of Procore Technologies in a research note on Monday, August 4th. They set a "neutral" rating and a $70.00 target price on the stock. Finally, Mizuho lifted their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

Insider Activity

In related news, CFO Howard Fu sold 797 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the transaction, the chief financial officer owned 189,457 shares in the company, valued at approximately $12,096,829.45. The trade was a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total transaction of $509,825.76. Following the completion of the transaction, the director owned 1,146,405 shares of the company's stock, valued at $75,983,723.40. This trade represents a 0.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 664,449 shares of company stock valued at $43,235,011. Company insiders own 21.50% of the company's stock.

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.