Roubaix Capital LLC Purchases 25,687 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Roubaix Capital LLC increased its stake in Procore Technologies by 54.6% in the first quarter, buying 25,687 additional shares and bringing its total holdings to 72,754 shares valued at about $4.15 million.
• Insider selling has been notable recently, including sales by Director Connor Kevin J. O and Chairman Craig F. Jr. Courtemanche; over the last 90 days, insiders sold 189,621 shares worth about $8.79 million.
• Analysts remain mostly constructive on the stock despite lower price targets, with a consensus rating of Moderate Buy and an average price target of $70.33, while Procore recently reported revenue growth of 15.7% year over year but missed EPS estimates.

Roubaix Capital LLC lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 54.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,754 shares of the company's stock after purchasing an additional 25,687 shares during the period. Roubaix Capital LLC's holdings in Procore Technologies were worth $4,147,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies during the third quarter worth approximately $34,000. V Square Quantitative Management LLC acquired a new position in Procore Technologies during the fourth quarter worth approximately $41,000. Allworth Financial LP raised its stake in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies in the fourth quarter valued at approximately $54,000. 81.10% of the stock is owned by institutional investors.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the transaction, the director directly owned 967,901 shares in the company, valued at approximately $40,584,088.93. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCOR. Piper Sandler reduced their target price on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. TD Cowen dropped their price target on Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. The Goldman Sachs Group cut their price target on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Barclays reduced their price objective on shares of Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $70.33.

Procore Technologies Price Performance

Procore Technologies stock opened at $45.97 on Friday. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of -90.13 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The stock's 50 day moving average is $44.91 and its 200-day moving average is $53.74.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly 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 firm had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the business posted $0.23 earnings per share. The business's revenue for the quarter was up 15.7% on a year-over-year basis. Equities research analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current year.

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. 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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