The Manufacturers Life Insurance Company Acquires Shares of 42,404 Procore Technologies, Inc. $PCOR

Key Points

• The Manufacturers Life Insurance Company acquired 42,404 shares of Procore Technologies worth approximately $1.72 million in the second quarter. Institutional investors collectively own 81.1% of PCOR.
• Procore reported quarterly earnings of $0.47 per share, exceeding estimates by $0.05, while revenue rose 15.8% year over year to $375.21 million.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $70.44, despite recent insider sales totaling $11.6 million.

The Manufacturers Life Insurance Company acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 42,404 shares of the company's stock, valued at approximately $1,722,000.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in Procore Technologies in the 4th quarter worth approximately $511,000. Goldman Sachs Group Inc. boosted its position in shares of Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock valued at $48,392,000 after acquiring an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock valued at $23,156,000 after purchasing an additional 52,507 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock valued at $471,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after purchasing an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Procore Technologies

In other Procore Technologies news, SVP William Fleming, Jr. sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the transaction, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction that occurred on 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 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 231,892 shares of company stock worth $11,613,268. Insiders own 16.80% of the company's stock.

Procore Technologies Stock Up 1.8%

NYSE PCOR opened at $60.57 on Friday. The company has a fifty day moving average of $52.08 and a two-hundred day moving average of $51.82. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of -232.96 and a beta of 0.74. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its 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 the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Equities research analysts anticipate that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PCOR. BMO Capital Markets upped their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. UBS Group lifted their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Barclays boosted their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Jefferies Financial Group lowered their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Finally, Piper Sandler dropped their price target on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average target price of $70.44.

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.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

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