Segall Bryant & Hamill LLC Acquires 21,266 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Segall Bryant & Hamill increased its Procore Technologies stake by 4.4%, purchasing 21,266 shares to hold 500,152 shares valued at approximately $28.5 million. Institutional investors own 81.1% of the company.
• Procore reported quarterly adjusted earnings of $0.47 per share on $375.2 million in revenue, beating estimates of $0.42 and $365.8 million, respectively; revenue rose 15.8% year over year.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $69.81, although several firms recently lowered targets. Insiders sold 189,621 shares worth $8.8 million over the past 90 days.

Segall Bryant & Hamill LLC raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 4.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 500,152 shares of the company's stock after purchasing an additional 21,266 shares during the period. Segall Bryant & Hamill LLC owned approximately 0.33% of Procore Technologies worth $28,509,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Argos Wealth Advisors LLC raised its holdings in shares of Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock valued at $294,000 after purchasing an additional 195 shares during the last quarter. Intellectus Partners LLC boosted its position in Procore Technologies by 1.6% during the fourth quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock worth $924,000 after purchasing an additional 200 shares during the period. Chicago Partners Investment Group LLC grew its stake in Procore Technologies by 1.4% in the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock valued at $1,068,000 after buying an additional 202 shares in the last quarter. Allworth Financial LP grew its position in shares of 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 purchasing an additional 204 shares in the last quarter. Finally, Vident Advisory LLC increased its position in shares of Procore Technologies by 6.0% during the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock valued at $281,000 after buying an additional 219 shares during the period. 81.10% of the stock is owned by institutional investors.

Insider Transactions at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company's stock, valued at $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company's stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 189,621 shares of company stock valued at $8,791,847. Company insiders own 16.80% of the company's stock.

Wall Street Analyst Weigh In

PCOR has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday. BTIG Research reaffirmed a "buy" rating and issued a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. Jefferies Financial Group reduced their target price on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, July 21st. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Finally, TD Cowen dropped their target price on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.81.

Key Stories Impacting Procore Technologies

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
• Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
• Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
• Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
• Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
• Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

Procore Technologies Trading Up 2.2%

NYSE PCOR opened at $55.00 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $8.30 billion, a P/E ratio of -211.52 and a beta of 0.75. The stock has a 50 day simple moving average of $44.86 and a two-hundred day simple moving average of $51.91. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to analysts' expectations of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The firm's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 earnings per share. On average, analysts forecast that Procore Technologies, Inc. will post 0.06 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. 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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