Spyglass Capital Management LLC Acquires 47,537 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Spyglass Capital Management increased its Procore Technologies stake by 4.7%, acquiring 47,537 shares to own 1,052,908 shares valued at approximately $42.8 million. Institutional investors collectively hold 81.1% of PCOR.
• Procore reported quarterly revenue of $375.2 million, up 15.8% year over year, and EPS of $0.47, exceeding analysts’ estimate of $0.42. Analysts maintain a consensus “Moderate Buy” rating with a $70.44 price target.
• PCOR shares opened at $62.82, while company insiders sold 224,200 shares worth $11.1 million over the past quarter, including sales by Chairman Craig Courtemanche and insider Benjamin Singer.

Spyglass Capital Management LLC increased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 4.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,052,908 shares of the company's stock after acquiring an additional 47,537 shares during the period. Procore Technologies comprises 2.3% of Spyglass Capital Management LLC's investment portfolio, making the stock its 24th biggest holding. Spyglass Capital Management LLC owned 0.69% of Procore Technologies worth $42,769,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. increased its holdings in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the third quarter worth approximately $34,000. Allworth Financial LP raised its stake in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Employees Retirement System of Texas bought a new position in shares of Procore Technologies in the fourth quarter valued at approximately $54,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 116.2% in the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock valued at $61,000 after purchasing an additional 453 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Down 1.4%

PCOR stock opened at $62.82 on Tuesday. The firm has a market cap of $9.55 billion, a PE ratio of -241.62 and a beta of 0.70. The business has a 50 day moving average of $50.78 and a 200-day moving average of $51.59. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the company posted $0.35 earnings per share. Procore Technologies's quarterly revenue was up 15.8% compared to the same quarter last year. On average, research analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PCOR has been the subject of several recent research reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. TD Cowen cut their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. Jefferies Financial Group reduced their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, July 21st. Finally, BMO Capital Markets increased their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, July 31st. One investment 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 issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.44.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at approximately $52,524,295.44. 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 can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the transaction, the insider owned 86,931 shares of the company's stock, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 224,200 shares of company stock worth $11,136,134. 16.80% of the stock is owned by insiders.

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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