PDT Partners LLC Takes Position in Procore Technologies, Inc. $PCOR

Key Points

• PDT Partners LLC has invested approximately $2.11 million in Procore Technologies, acquiring 31,954 shares in the first quarter.
• Insider William J.G. Griffith sold 309,168 shares for over $20 million, reducing his stake in Procore Technologies by 14.04%.
• Procore Technologies reported a quarterly revenue of $323.92 million, beating analyst estimates and marking a 13.9% increase year-over-year.

PDT Partners LLC bought a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 31,954 shares of the company's stock, valued at approximately $2,110,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock worth $35,000 after purchasing an additional 385 shares during the last quarter. SVB Wealth LLC acquired a new stake in Procore Technologies in the 1st quarter worth approximately $49,000. Ancora Advisors LLC lifted its holdings in Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after purchasing an additional 850 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Procore Technologies by 174.2% in the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after purchasing an additional 636 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in Procore Technologies by 53.4% in the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after purchasing an additional 419 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Up 1.2%

Shares of PCOR traded up $0.84 during trading hours on Friday, hitting $70.01. The stock had a trading volume of 2,090,888 shares, compared to its average volume of 1,441,479. The firm has a market capitalization of $10.51 billion, a P/E ratio of -72.92 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29. Procore Technologies, Inc. has a 1-year low of $52.78 and a 1-year high of $88.92. The firm has a 50 day simple moving average of $69.23 and a 200-day simple moving average of $67.92.

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 during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the business 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 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on PCOR. Stifel Nicolaus increased their price objective on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Arete initiated coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 price target on the stock. Piper Sandler increased their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. BMO Capital Markets lifted their price target on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, KeyCorp boosted their price target on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Insider Buying and Selling at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 4,500 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the sale, the insider directly owned 97,557 shares in the company, valued at $7,316,775. The trade was a 4.41% 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 worth $43,235,011. 21.50% of the stock is currently owned by corporate insiders.

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.