Ardmore Road Asset Management LP Grows Position in Procore Technologies, Inc. $PCOR

Ardmore Road Asset Management LP grew its stake in Procore Technologies, Inc. (NYSE:PCOR) by 75.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 381,600 shares of the company’s stock after buying an additional 164,344 shares during the period. Ardmore Road Asset Management LP’s holdings in Procore Technologies were worth $21,751,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. SJS Investment Consulting Inc. grew its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies during the 3rd quarter worth about $34,000. V Square Quantitative Management LLC purchased a new stake in Procore Technologies during the 4th quarter valued at about $41,000. Allworth Financial LP increased its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in shares of Procore Technologies in the fourth quarter valued at about $54,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

NYSE PCOR opened at $42.80 on Monday. 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 stock’s 50 day simple moving average is $44.49 and its 200-day simple moving average is $52.57. The company has a market cap of $6.46 billion, a PE ratio of -83.93 and a beta of 0.75. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million for 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 firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.23 earnings per share. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. BTIG Research reiterated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Friday. Jefferies Financial Group cut their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group lowered their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Finally, Piper Sandler reduced their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.47.

Insider Transactions at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated 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 completion of the sale, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock valued at $8,791,847 over the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

About Procore Technologies

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.