Crescent Park Management L.P. Raises Stock Position in Procore Technologies, Inc. $PCOR

Key Points

• Crescent Park Management L.P. increased its stake in Procore Technologies by 2.1%, now holding 189,256 shares valued at approximately $12.5 million, making it the 6th largest holding in their portfolio.
• Procore Technologies reported better-than-expected earnings, with a quarterly EPS of $0.35, surpassing estimates of $0.24, and revenue of $323.92 million, which was also above analyst expectations.
• The stock has a consensus rating of "Moderate Buy" from analysts, with an average price target of $83.06, indicating positive sentiment towards its future performance.

Crescent Park Management L.P. lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 189,256 shares of the company's stock after acquiring an additional 3,822 shares during the period. Procore Technologies makes up approximately 5.8% of Crescent Park Management L.P.'s portfolio, making the stock its 6th largest position. Crescent Park Management L.P. owned approximately 0.13% of Procore Technologies worth $12,495,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Ancora Advisors LLC grew its position in Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after purchasing an additional 850 shares during the period. Versant Capital Management Inc boosted its stake in shares of Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after acquiring an additional 636 shares during the last quarter. GeoWealth Management LLC purchased a new position in shares of Procore Technologies during the 4th quarter worth $78,000. Signaturefd LLC boosted its stake in shares of Procore Technologies by 53.4% during the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after acquiring an additional 419 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Procore Technologies by 66.6% during the 1st 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 last quarter. Institutional investors own 81.10% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on PCOR shares. Barclays lifted their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. BMO Capital Markets lifted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. KeyCorp lifted their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Arete started coverage on shares of Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. Finally, JMP Securities reiterated a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $83.06.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 797 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.85, for a total transaction of $50,888.45. Following the transaction, the chief financial officer directly owned 189,457 shares in the company, valued at approximately $12,096,829.45. This represents a 0.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total transaction of $509,825.76. Following the transaction, 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. Insiders have sold a total of 664,449 shares of company stock worth $43,235,011 in the last three months. Insiders own 21.50% of the company's stock.

Procore Technologies Price Performance

PCOR stock traded up $1.95 during mid-day trading on Thursday, hitting $69.74. The company had a trading volume of 409,983 shares, compared to its average volume of 1,469,138. The company has a market capitalization of $10.47 billion, a price-to-earnings ratio of -72.65 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $52.78 and a 12-month high of $88.92. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $68.96 and a 200 day moving average price of $68.59.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted 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 firm had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. During the same period in the previous year, the firm posted $0.39 EPS. The business'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 anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current 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.