Versor Investments LP Takes $1.14 Million Position in Procore Technologies, Inc. $PCOR

Key Points

• Versor Investments LP has acquired a new position in Procore Technologies, purchasing 17,313 shares valued at approximately $1.14 million.
• Insider transactions revealed significant sales, including Director William J.G. Griffith selling 309,168 shares for over $20 million, marking a 14.04% decrease in his ownership.
• Procore Technologies recently reported quarterly earnings with revenue growth of 13.9% year-over-year, significantly exceeding analyst expectations.

Versor Investments LP bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,313 shares of the company's stock, valued at approximately $1,143,000.

A number of other hedge funds have also recently modified their holdings of PCOR. Two Sigma Investments LP boosted its stake in Procore Technologies by 5.3% in the 4th quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after purchasing an additional 210 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Procore Technologies by 1.7% in the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock worth $854,000 after purchasing an additional 221 shares in the last quarter. Xponance Inc. boosted its stake in Procore Technologies by 1.8% in the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock worth $981,000 after purchasing an additional 263 shares in the last quarter. Procyon Advisors LLC boosted its stake in Procore Technologies by 8.6% in the 1st quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock worth $232,000 after purchasing an additional 278 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in Procore Technologies by 4.2% in the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after purchasing an additional 295 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Buying and Selling

In other news, insider Benjamin C. Singer sold 1,390 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $75.00, for a total transaction of $104,250.00. Following the transaction, the insider owned 96,167 shares in the company, valued at approximately $7,212,525. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William J.G. Griffith sold 309,168 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the transaction, the director owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 656,755 shares of company stock worth $42,751,179 over the last three months. 21.50% of the stock is currently owned by company insiders.

Procore Technologies Stock Up 1.1%

Shares of PCOR opened at $65.37 on Monday. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The business has a fifty day moving average of $68.96 and a 200 day moving average of $69.10. The company has a market cap of $9.82 billion, a PE ratio of -68.09 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data 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. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. During the same period in the prior year, the company posted $0.39 EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on PCOR. Robert W. Baird boosted their target price on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. BMO Capital Markets boosted their target price on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. UBS Group decreased their target price on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Scotiabank decreased their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 24th. Finally, Arete began coverage on Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 target price for the company. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $83.06.

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.

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