Procore Technologies, Inc. $PCOR is RGM Capital LLC's 10th Largest Position

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 position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,790,402 shares of the company's stock after buying an additional 153,039 shares during the quarter. Procore Technologies makes up approximately 4.9% of RGM Capital LLC's portfolio, making the stock its 10th biggest holding. RGM Capital LLC owned approximately 1.20% of Procore Technologies worth $118,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its stake in Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of Procore Technologies in the 1st quarter worth about $49,000. Ancora Advisors LLC boosted its holdings in shares of 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 in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Procore Technologies by 174.2% in the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after purchasing an additional 636 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Procore Technologies by 53.4% in the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after purchasing an additional 419 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insider Activity

In related news, Director William J.G. Griffith sold 309,168 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the completion of the transaction, the director directly owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Lawrence Joseph Stack sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $65.33, for a total transaction of $163,325.00. Following the completion of the sale, the executive directly owned 208,288 shares of the company's stock, valued at $13,607,455.04. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is currently owned by corporate insiders.

Procore Technologies Stock Down 0.5%

Shares of PCOR traded down $0.33 during trading hours on Friday, hitting $69.55. The company had a trading volume of 1,087,881 shares, compared to its average volume of 1,470,755. The firm has a fifty day moving average price of $69.03 and a 200-day moving average price of $68.55. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of -72.45 and a beta of 0.90. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued 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. The business had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.Procore Technologies's revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities research analysts forecast 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 research reports. BMO Capital Markets upped their price objective on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. 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. Mizuho lifted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Piper Sandler lifted their price target 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. Finally, Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" 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 assigned a Hold rating to the company. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price 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.