Quantitative Investment Management LLC Invests $341,000 in Procore Technologies, Inc. $PCOR

Quantitative Investment Management LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the second quarter, HoldingsChannel reports. The fund acquired 8,404 shares of the company’s stock, valued at approximately $341,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. Argos Wealth Advisors LLC grew its position in Procore Technologies by 3.9% in the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after purchasing an additional 195 shares during the period. Intellectus Partners LLC lifted its holdings in shares of Procore Technologies by 1.6% during the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock valued at $924,000 after buying an additional 200 shares during the period. Allworth Financial LP boosted its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. Vident Advisory LLC grew its holdings in shares of Procore Technologies by 6.0% in the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after acquiring an additional 219 shares during the period. Finally, George Kaiser Family Foundation grew its holdings in shares of Procore Technologies by 0.5% in the fourth quarter. George Kaiser Family Foundation now owns 52,306 shares of the company’s stock worth $3,805,000 after acquiring an additional 241 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Down 1.4%

PCOR stock opened at $59.53 on Thursday. The business’s 50-day moving average price is $51.63 and its 200-day moving average price is $51.76. The stock has a market cap of $9.05 billion, a P/E ratio of -228.95 and a beta of 0.74. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS. On average, equities research analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $52,524,295.44. This trade represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director owned 58,371 shares in the company, valued at approximately $3,677,373. The trade was a 2.51% 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 have sold a total of 224,200 shares of company stock valued at $11,136,134 in the last three months. 16.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on PCOR shares. Guggenheim began coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective for the company. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. UBS Group increased their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. TD Cowen dropped their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Finally, BMO Capital Markets upped their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.44.

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.