Procore Technologies, Inc. $PCOR Shares Purchased by Makena Capital Management LLC

Key Points

• Makena Capital Management increased its stake in Procore Technologies by 34.3% in the fourth quarter, adding 59,423 shares to hold 232,527 shares worth about $16.9 million.
• Procore’s latest quarterly results showed revenue growth of 15.7% year over year to $359.28 million, but earnings came in slightly below expectations at $0.34 per share versus the $0.36 estimate.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $72.56, even as some firms trimmed targets and one downgraded the shares to hold.

Makena Capital Management LLC increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 34.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,527 shares of the company's stock after acquiring an additional 59,423 shares during the quarter. Procore Technologies comprises 2.0% of Makena Capital Management LLC's investment portfolio, making the stock its 19th biggest position. Makena Capital Management LLC owned about 0.15% of Procore Technologies worth $16,914,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PCOR. Global Retirement Partners LLC boosted its position in Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock worth $28,000 after acquiring an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies during the third quarter worth about $34,000. Jones Financial Companies Lllp boosted its position in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after acquiring an additional 199 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Procore Technologies during the fourth quarter worth about $41,000. Finally, First Horizon Corp acquired a new position in Procore Technologies during the third quarter worth about $49,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 4,225 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the sale, the insider directly owned 64,660 shares of the company's stock, valued at $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. This represents a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 148,026 shares of company stock valued at $7,783,734 in the last ninety days. Company insiders own 16.80% of the company's stock.

Procore Technologies Price Performance

Shares of PCOR opened at $53.28 on Friday. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The firm's 50 day moving average price is $55.78 and its 200 day moving average price is $64.18. The company has a market cap of $8.04 billion, a P/E ratio of -104.46 and a beta of 0.78. The company has a quick ratio of 1.32, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analysts' expectations of $352.82 million. During the same period in the previous year, the company earned $0.23 earnings per share. Procore Technologies's quarterly revenue was up 15.7% on a year-over-year basis. On average, research analysts forecast that Procore Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent research reports. UBS Group lowered their price target on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a research report on Wednesday. Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Piper Sandler decreased their target price on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a report on Wednesday. Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Finally, DA Davidson decreased their target price on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, February 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $72.56.

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. 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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