Squarepoint Ops LLC Grows Position in Procore Technologies, Inc. $PCOR

Squarepoint Ops LLC increased its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 21.6% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 305,837 shares of the company’s stock after buying an additional 54,285 shares during the quarter. Squarepoint Ops LLC’s holdings in Procore Technologies were worth $12,423,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Argos Wealth Advisors LLC lifted its stake in Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after acquiring an additional 195 shares during the period. Intellectus Partners LLC lifted its position in Procore Technologies by 1.6% during the fourth quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock valued at $924,000 after purchasing an additional 200 shares during the period. Allworth Financial LP lifted its position in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Vident Advisory LLC boosted its holdings in 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 purchasing an additional 219 shares during the last quarter. Finally, George Kaiser Family Foundation boosted its holdings in 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 purchasing an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Down 3.8%

Shares of NYSE PCOR opened at $54.04 on Thursday. 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 $8.21 billion, a price-to-earnings ratio of -207.84 and a beta of 0.74. The firm has a 50 day moving average of $53.29 and a 200 day moving average of $51.93.

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

Insider Transactions at Procore Technologies

In other news, insider Benjamin Singer sold 3,943 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the completion of the sale, the insider directly owned 86,931 shares in the company, valued at $5,507,078.85. This represents a 4.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin O’Connor sold 7,692 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total value of $477,134.76. Following the completion of the transaction, the director directly owned 931,362 shares in the company, valued at approximately $57,772,384.86. This represents a 0.82% 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 a total of 175,770 shares of company stock worth $9,079,921 over the last three months. 16.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Barclays boosted their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Guggenheim assumed coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target on the stock. BMO Capital Markets lifted their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. TD Cowen reduced their price objective 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. Finally, UBS Group upped their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.44.

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.