Inceptionr LLC Acquires Shares of 18,316 Procore Technologies, Inc. $PCOR

Inceptionr LLC acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,316 shares of the company’s stock, valued at approximately $1,332,000.

A number of other institutional investors also recently bought and sold shares of PCOR. Blue Owl Capital Holdings LP purchased a new stake in shares of Procore Technologies in the fourth quarter valued at about $6,857,000. Envestnet Asset Management Inc. boosted its holdings in shares of Procore Technologies by 31.2% in the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after acquiring an additional 99,706 shares in the last quarter. Robinhood Asset Management LLC purchased a new stake in shares of Procore Technologies in the fourth quarter valued at about $7,136,000. Spyglass Capital Management LLC boosted its holdings in shares of Procore Technologies by 5.1% in the third quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company’s stock valued at $68,828,000 after acquiring an additional 45,790 shares in the last quarter. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Procore Technologies by 20.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock valued at $32,048,000 after acquiring an additional 75,436 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction 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, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the sale, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. This represents a 0.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 121,955 shares of company stock valued at $6,030,964. Corporate insiders own 16.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, February 13th. BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Barclays lowered their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

Procore Technologies Stock Down 4.7%

PCOR stock opened at $43.59 on Thursday. The company has a market cap of $6.58 billion, a P/E ratio of -85.47 and a beta of 0.73. Procore Technologies, Inc. has a 52 week low of $43.49 and a 52 week high of $82.32. The company’s 50-day moving average price is $51.58 and its 200 day moving average price is $59.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company 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 quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 EPS. On average, research analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

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.