RGM Capital LLC Boosts Stake in Procore Technologies, Inc. $PCOR

Key Points

• RGM Capital LLC increased its holdings in Procore Technologies by 9.3%, acquiring 153,039 additional shares, bringing its total to 1,790,402 shares valued at $118.20 million.
• Procore Technologies recently reported earnings with $0.35 EPS, surpassing analysts' expectations of $0.24, and noted a 13.9% increase in revenue year-over-year.
• Analysts have set an average price target of $83.06 for Procore Technologies, with most recommending a "Moderate Buy" stance on the stock.

RGM Capital LLC lifted its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,790,402 shares of the company's stock after acquiring an additional 153,039 shares during the quarter. Procore Technologies makes up approximately 4.9% of RGM Capital LLC's holdings, making the stock its 10th largest holding. RGM Capital LLC owned about 1.20% of Procore Technologies worth $118,202,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. FORA Capital LLC boosted its holdings in shares of Procore Technologies by 15.0% in the 1st quarter. FORA Capital LLC now owns 3,093 shares of the company's stock worth $204,000 after acquiring an additional 403 shares in the last quarter. Long Path Partners LP raised its position in shares of Procore Technologies by 2.4% during the 1st quarter. Long Path Partners LP now owns 525,876 shares of the company's stock valued at $34,718,000 after acquiring an additional 12,325 shares during the last quarter. Comerica Bank raised its position in shares of Procore Technologies by 6.0% during the 1st quarter. Comerica Bank now owns 139,232 shares of the company's stock valued at $9,192,000 after acquiring an additional 7,916 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Procore Technologies during the 1st quarter valued at $49,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Procore Technologies by 37.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,244 shares of the company's stock valued at $150,000 after acquiring an additional 609 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on PCOR. Piper Sandler upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. BMO Capital Markets boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a report on Friday, August 1st. KeyCorp boosted their price target 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. Arete began coverage on shares of Procore Technologies in a report on Monday, June 16th. They issued a "buy" rating and a $91.00 price target for the company. Finally, JMP Securities reissued a "market perform" rating and issued a $95.00 price target on shares of Procore Technologies in a report 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. According to data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Stock Down 0.5%

Shares of Procore Technologies stock traded down $0.33 during trading hours on Friday, reaching $69.55. 1,087,881 shares of the company's stock were exchanged, compared to its average volume of 2,407,184. The company has a 50 day moving average of $69.09 and a two-hundred day moving average of $68.47. Procore Technologies, Inc. has a fifty-two week low of $52.78 and a fifty-two week high of $88.92. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock has a market cap of $10.45 billion, a P/E ratio of -72.45 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period last year, the business posted $0.39 EPS. Procore Technologies's 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, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 4,205 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.67, for a total value of $267,732.35. Following the transaction, the insider directly owned 86,366 shares of the company's stock, valued at $5,498,923.22. This trade represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total transaction of $509,825.76. Following the completion of the transaction, the director directly owned 1,146,405 shares in the company, valued at $75,983,723.40. This trade represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 664,449 shares of company stock worth $43,235,011 over the last three months. 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.