Arrowstreet Capital Limited Partnership Acquires 1,240,247 Shares of Procore Technologies, Inc. $PCOR

Arrowstreet Capital Limited Partnership boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 158.9% in the 1st quarter, Holdings Channel.com reports. The fund owned 2,020,531 shares of the company’s stock after purchasing an additional 1,240,247 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Procore Technologies were worth $115,170,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCOR. Blue Owl Capital Holdings LP bought a new stake in shares of Procore Technologies during the 4th quarter valued at about $6,857,000. Robinhood Asset Management LLC bought a new position in shares of Procore Technologies in the fourth quarter worth approximately $7,136,000. PNC Financial Services Group Inc. raised its stake in Procore Technologies by 105.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after purchasing an additional 23,555 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in Procore Technologies by 23.3% during the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock valued at $30,960,000 after purchasing an additional 102,574 shares during the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in Procore Technologies in the 1st quarter worth approximately $3,181,000. Institutional investors own 81.10% of the company’s stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $40,375,005.60. This represents a 5.75% decrease in their position. 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 quarter, insiders sold 189,621 shares of company stock valued at $8,791,847. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $42.80 on Friday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The company’s 50-day moving average is $44.49 and its 200 day moving average is $52.71. The stock has a market capitalization of $6.46 billion, a P/E ratio of -83.93 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analysts’ expectations of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the business earned $0.23 earnings per share. On average, sell-side analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on PCOR. Barclays decreased their price target on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. BTIG Research reiterated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Friday. Piper Sandler lowered their price target on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies 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.