Procore Technologies, Inc. $PCOR Stock Position Increased by Makena Capital Management LLC

Key Points

• Makena Capital Management LLC increased its holdings in Procore Technologies by 7.2%, owning 128,454 shares valued at approximately $8.48 million as of its latest SEC filing.
• Procore Technologies recently reported a quarterly EPS of $0.35, surpassing estimates, and a revenue increase of 13.9% year-over-year, totaling $323.92 million.
• Analysts' ratings are largely positive, with six hold ratings, thirteen buy ratings, and a current average target price of $83.06 for the stock.

Makena Capital Management LLC boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 7.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 128,454 shares of the company's stock after purchasing an additional 8,653 shares during the quarter. Procore Technologies makes up approximately 0.9% of Makena Capital Management LLC's holdings, making the stock its 24th largest holding. Makena Capital Management LLC owned about 0.09% of Procore Technologies worth $8,481,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PCOR. Capital World Investors increased its holdings in Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Procore Technologies by 84.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after acquiring an additional 1,492,869 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Procore Technologies by 134.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock valued at $77,901,000 after acquiring an additional 660,726 shares during the last quarter. Durable Capital Partners LP bought a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $33,726,000. Finally, Nuveen LLC bought a new stake in shares of Procore Technologies in the 1st quarter valued at approximately $26,224,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Stock Performance

NYSE:PCOR traded down $0.5550 during midday trading on Tuesday, reaching $65.5550. 846,275 shares of the company traded hands, compared to its average volume of 2,390,023. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month high of $88.92. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of -68.29 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. The company has a fifty day moving average price of $68.90 and a 200 day moving average price of $68.99.

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

Insider Activity at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the transaction, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William J.G. Griffith sold 309,168 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $20,021,719.68. Following the transaction, the director owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. This trade represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 656,755 shares of company stock worth $42,751,179 in the last ninety days. 21.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PCOR shares. UBS Group lowered their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Arete started coverage on Procore Technologies in a report on Monday, June 16th. They issued a "buy" rating and a $91.00 price target for the company. DA Davidson started coverage on Procore Technologies in a report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price target for the company. BMO Capital Markets boosted their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Scotiabank lowered their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $83.06.

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.