Man Group plc Buys New Holdings in Procore Technologies, Inc. $PCOR

Man Group plc purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 35,114 shares of the company’s stock, valued at approximately $1,426,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. grew its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies during the third quarter worth approximately $34,000. Twin Tree Management LP bought a new position in shares of Procore Technologies in the 2nd quarter worth $40,000. Allworth Financial LP lifted its holdings 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 purchasing an additional 204 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Procore Technologies in the 2nd quarter valued at $52,000. Institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on PCOR shares. Guggenheim initiated coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target for the company. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. BMO Capital Markets lifted their price objective 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. Barclays boosted their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. One research 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’s stock. According to data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $70.44.

Insider Buying and Selling

In related news, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares of the company’s stock, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Elisa Steele sold 1,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the transaction, the director owned 58,371 shares in the company, valued at approximately $3,677,373. This trade represents a 2.51% 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 have sold a total of 224,200 shares of company stock valued at $11,136,134 over the last 90 days. 16.80% of the stock is currently owned by company insiders.

Procore Technologies Trading Down 1.4%

Shares of Procore Technologies stock opened at $59.53 on Thursday. The company has a market capitalization of $9.05 billion, a P/E ratio of -228.95 and a beta of 0.74. The stock has a fifty day simple moving average of $51.63 and a 200 day simple moving average of $51.76. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business’s revenue was up 15.8% on a year-over-year basis. During the same period last year, the business earned $0.35 EPS. On average, analysts predict that Procore Technologies, Inc. will post 0.41 EPS for the current 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.