Palidye Holdings Caymans Ltd Takes Position in Procore Technologies, Inc. $PCOR

Palidye Holdings Caymans Ltd purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 30,705 shares of the company’s stock, valued at approximately $1,247,000. Procore Technologies comprises about 0.2% of Palidye Holdings Caymans Ltd’s investment portfolio, making the stock its 11th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in 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. Stephens Investment Management Group LLC raised its stake 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 worth $30,960,000 after purchasing an additional 102,574 shares during the period. PNC Financial Services Group Inc. raised its stake in Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock worth $3,332,000 after purchasing an additional 23,555 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Procore Technologies in the 1st quarter valued at about $3,181,000. Finally, Deutsche Bank AG acquired a new position in Procore Technologies in the 2nd quarter valued at about $114,444,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on PCOR shares. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. The Goldman Sachs Group decreased their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Jefferies Financial Group lowered their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. 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 report on Friday, July 31st. Finally, BTIG Research reaffirmed a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. One investment 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.44.

Procore Technologies Stock Performance

Procore Technologies stock opened at $63.30 on Monday. The company’s 50 day simple moving average is $48.18 and its 200-day simple moving average is $51.15. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of -243.46 and a beta of 0.70. 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 data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. The firm had revenue of $375.21 million for 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 business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. Equities analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $54.98, for a total value of $422,906.16. Following the completion of the sale, the director directly owned 939,054 shares of the company’s stock, valued at $51,629,188.92. The trade was a 0.81% 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 224,199 shares of company stock worth $11,083,445 in the last ninety days. 16.80% of the stock is owned by company insiders.

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.