Blue Owl Capital Holdings LP Takes $6.86 Million Position in Procore Technologies, Inc. $PCOR

Blue Owl Capital Holdings LP bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 94,264 shares of the company’s stock, valued at approximately $6,857,000. Procore Technologies comprises 0.5% of Blue Owl Capital Holdings LP’s portfolio, making the stock its 15th biggest holding.

A number of other institutional investors have also recently modified their holdings of the stock. Jones Financial Companies Lllp lifted its position in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares during the period. Intellectus Partners LLC lifted its position in shares of Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after acquiring an additional 200 shares during the period. Chicago Partners Investment Group LLC lifted its position in shares of Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after acquiring an additional 202 shares during the period. Allworth Financial LP lifted its position in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the period. Finally, TD Private Client Wealth LLC lifted its position in shares of Procore Technologies by 33.6% during the 4th quarter. TD Private Client Wealth LLC now owns 1,065 shares of the company’s stock valued at $77,000 after acquiring an additional 268 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PCOR has been the subject of several recent analyst reports. Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. BMO Capital Markets dropped their price objective on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, February 5th. DA Davidson dropped their price objective on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Finally, UBS Group dropped their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.56.

Procore Technologies Price Performance

Shares of PCOR opened at $46.90 on Monday. Procore Technologies, Inc. has a 12-month low of $45.02 and a 12-month high of $82.32. The business has a 50-day simple moving average of $53.82 and a two-hundred day simple moving average of $62.19. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.08 billion, a PE ratio of -91.97 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the company earned $0.23 EPS. Procore Technologies’s revenue for the quarter was up 15.7% on a year-over-year basis. Analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares of the company’s stock, valued at $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a document filed 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 dated Monday, May 11th. The stock was sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the transaction, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $47,362,234.80. The trade was a 5.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 201,435 shares of company stock valued at $10,512,561 in the last 90 days. Corporate insiders own 16.80% of the company’s stock.

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.