Procore Technologies, Inc. $PCOR Shares Acquired by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its Procore Technologies stake by 69% in the first quarter, purchasing 53,504 additional shares. Institutional investors collectively own 81.1% of PCOR.
• Analysts remain broadly optimistic, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $70.44; recent targets range from $67 to $75.
• Procore exceeded quarterly earnings and revenue expectations, reporting $0.47 in EPS and $375.21 million in revenue, up 15.8% year over year. Meanwhile, insiders sold 212,699 shares worth approximately $10.1 million during the last quarter.

Quantinno Capital Management LP grew its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 69.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 131,050 shares of the company's stock after purchasing an additional 53,504 shares during the quarter. Quantinno Capital Management LP owned approximately 0.09% of Procore Technologies worth $7,470,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. SJS Investment Consulting Inc. increased its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after acquiring an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies in the 3rd quarter worth approximately $34,000. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 4th quarter worth approximately $41,000. Allworth Financial LP increased its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after acquiring an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies during the 4th quarter valued at $54,000. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PCOR shares. Guggenheim began coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target for the company. Piper Sandler reduced their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. UBS Group increased their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wall Street Zen cut shares of Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, BMO Capital Markets raised their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $70.44.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at $41,515,438.56. The trade was a 5.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 15,386 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the sale, the director owned 946,746 shares in the company, valued at $52,004,757.78. The trade was a 1.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 212,699 shares of company stock worth $10,059,907. Corporate insiders own 16.80% of the company's stock.

Procore Technologies Stock Performance

PCOR opened at $55.51 on Thursday. The company has a market capitalization of $8.43 billion, a PE ratio of -213.48 and a beta of 0.70. The stock's fifty day moving average is $45.36 and its 200-day moving average is $51.42. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating 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 business had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. During the same quarter last year, the business posted $0.35 earnings per share. The company's quarterly revenue was up 15.8% on a year-over-year basis. On average, equities research analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

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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