Fred Alger Management LLC Acquires 5,129 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Fred Alger Management LLC increased its stake in Procore Technologies by 15.4% during the 1st quarter, owning 38,349 shares valued at approximately $2.53 million.
• The company reported a $0.35 EPS for the last quarter, surpassing analysts' expectations and indicating a 13.9% year-over-year revenue growth.
• As of the latest reports, the consensus rating for Procore Technologies is a "Moderate Buy" with a price target of $83.06.

Fred Alger Management LLC raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 15.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,349 shares of the company's stock after purchasing an additional 5,129 shares during the period. Fred Alger Management LLC's holdings in Procore Technologies were worth $2,532,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in PCOR. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 buying an additional 385 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Procore Technologies during the first quarter worth approximately $49,000. Versant Capital Management Inc lifted its stake in Procore Technologies by 174.2% in the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after acquiring an additional 636 shares during the last quarter. Signaturefd LLC raised its position in shares of Procore Technologies by 53.4% in the first quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after purchasing an additional 419 shares during the period. Finally, GAMMA Investing LLC increased its position in Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after acquiring an additional 497 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction on Tuesday, August 19th. The stock was 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 in the company, valued at approximately $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 4,205 shares of Procore Technologies stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total value of $267,732.35. Following the completion of the sale, the insider directly owned 86,366 shares of the company's stock, valued at approximately $5,498,923.22. The trade was a 4.64% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,613 shares of company stock worth $3,028,247. 21.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. BMO Capital Markets upped their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Piper Sandler increased their target price on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. JMP Securities reissued a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. Barclays lifted their target price on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Finally, Stifel Nicolaus lifted their target price on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded down $0.93 on Friday, hitting $69.67. The company's stock had a trading volume of 1,248,360 shares, compared to its average volume of 1,344,919. The company has a 50-day simple moving average of $69.16 and a 200 day simple moving average of $67.62. Procore Technologies, Inc. has a 1 year low of $53.71 and a 1 year high of $88.92. The company has a market capitalization of $10.46 billion, a PE ratio of -72.57 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 (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $323.92 million for the quarter, compared to analyst estimates 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 revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

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.