409,648 Shares in Procore Technologies, Inc. $PCOR Bought by Sone Capital Management LLC

Sone Capital Management LLC bought a new position in Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 409,648 shares of the company’s stock, valued at approximately $16,640,000.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in Procore Technologies during the 4th quarter valued at about $511,000. Goldman Sachs Group Inc. increased its stake in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 during the period. Prudential Financial Inc. raised its holdings in shares of Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after buying an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after buying an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Elisa Steele sold 1,500 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the sale, the director owned 58,371 shares in the company, valued at $3,677,373. This represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $54.98, for a total value of $422,906.16. Following the transaction, the director directly owned 939,054 shares in the company, valued at approximately $51,629,188.92. The trade was a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 228,142 shares of company stock valued at $11,333,234. 16.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of recent analyst reports. Guggenheim assumed coverage on Procore Technologies in a report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective for the company. UBS Group lifted their target price on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. TD Cowen reduced their price target on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. BTIG Research reissued a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a research note on Wednesday, April 29th. One 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 issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.44.

Procore Technologies Price Performance

NYSE PCOR opened at $62.10 on Tuesday. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The firm has a market capitalization of $9.44 billion, a PE ratio of -238.87 and a beta of 0.70. The company’s 50 day simple moving average is $48.57 and its 200 day simple moving average is $51.23.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the company posted $0.35 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

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.