Route One Investment Company L.P. Purchases 361,155 Shares of 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. raised its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 64.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 918,205 shares of the company's stock after buying an additional 361,155 shares during the period. Procore Technologies comprises approximately 2.5% of Route One Investment Company L.P.'s holdings, making the stock its 12th largest holding. 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.

A number of other institutional investors have also recently bought and sold shares of the business. Two Sigma Investments LP grew its holdings in Procore Technologies by 5.3% during the 4th quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after acquiring an additional 210 shares during the period. Park Avenue Securities LLC raised its stake in Procore Technologies by 1.7% during the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock worth $854,000 after buying an additional 221 shares during the period. Xponance Inc. boosted its stake in Procore Technologies by 1.8% in the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock worth $981,000 after purchasing an additional 263 shares during the period. TFB Advisors LLC boosted its stake in Procore Technologies by 8.1% in the 1st quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock worth $234,000 after purchasing an additional 264 shares during the period. Finally, Procyon Advisors LLC boosted its stake in Procore Technologies by 8.6% in the 1st quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock worth $232,000 after purchasing an additional 278 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Trading Down 2.1%

Shares of NYSE:PCOR traded down $1.49 during mid-day trading on Wednesday, reaching $68.55. 894,440 shares of the company's stock were exchanged, compared to its average volume of 1,380,910. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month high of $88.92. The business's fifty day moving average price is $69.24 and its 200-day moving average price is $67.75. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of -71.40 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping 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 business had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same quarter last year, the firm earned $0.39 earnings per share. Procore Technologies'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, research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Analyst Ratings Changes

PCOR has been the subject of a number of recent research reports. Piper Sandler increased their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. KeyCorp upped their target price on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a report on Friday, August 1st. JMP Securities restated a "market perform" rating and issued a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. Stifel Nicolaus raised their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, BMO Capital Markets raised their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. One 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. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Insider Activity

In other news, insider Benjamin C. Singer sold 4,500 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider owned 97,557 shares in the company, valued at approximately $7,316,775. This represents a 4.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the transaction, the director owned 1,154,097 shares in the company, valued at $83,510,458.92. This represents a 0.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 664,449 shares of company stock valued at $43,235,011. Corporate insiders own 21.50% of the company's stock.

Procore Technologies Company 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.