Route One Investment Company L.P. Grows Position in Procore Technologies, Inc. $PCOR

Key Points

• Route One Investment Company L.P. increased its stake in Procore Technologies by 64.8%, owning 918,205 shares, making it one of the firm's top beneficiaries.
• Significant increases in holdings by other institutional investors were noted, including the Teacher Retirement System of Texas which raised its position by 89.5%.
• Analysts have raised Procore Technologies' target price to as high as $88.00, with a consensus rating of "Moderate Buy" based on recent evaluations.

Route One Investment Company L.P. lifted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 64.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 918,205 shares of the company's stock after acquiring an additional 361,155 shares during the period. Procore Technologies accounts for approximately 2.5% of Route One Investment Company L.P.'s portfolio, making the stock its 12th biggest position. Route One Investment Company L.P. owned about 0.62% of Procore Technologies worth $60,620,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PCOR. JPMorgan Chase & Co. raised its holdings in shares of Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after acquiring an additional 1,492,869 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Procore Technologies by 134.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock valued at $77,901,000 after buying an additional 660,726 shares during the last quarter. Wellington Management Group LLP lifted its position in Procore Technologies by 25.6% in the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after buying an additional 451,238 shares during the last quarter. Nuveen LLC purchased a new position in Procore Technologies during the first quarter worth about $26,224,000. Finally, Durable Capital Partners LP increased its position in shares of Procore Technologies by 83.3% during the first quarter. Durable Capital Partners LP now owns 825,120 shares of the company's stock valued at $54,474,000 after acquiring an additional 375,020 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Up 3.2%

Shares of PCOR stock traded up $2.19 during trading on Thursday, reaching $70.61. The company's stock had a trading volume of 1,101,398 shares, compared to its average volume of 1,465,929. 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 market capitalization of $10.61 billion, a price-to-earnings ratio of -73.56 and a beta of 0.90. The stock's 50-day moving average price is $69.24 and its 200 day moving average price is $67.75. Procore Technologies, Inc. has a 1-year low of $53.71 and a 1-year high of $88.92.

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

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 4,205 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.67, for a total transaction of $267,732.35. Following the sale, the insider directly owned 86,366 shares in the company, valued at approximately $5,498,923.22. This represents a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the company's stock in a transaction that occurred 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 sale, the director owned 1,146,405 shares in the company, valued at $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 661,949 shares of company stock worth $43,071,686. Company insiders own 21.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. DA Davidson assumed coverage on shares of Procore Technologies in a report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price objective on the stock. Arete started coverage on Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. Citizens Jmp lowered Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 1st. Piper Sandler lifted their price objective on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus increased their target price on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $83.06.

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.