Two Sigma Securities LLC Invests $517,000 in Procore Technologies, Inc. $PCOR

Two Sigma Securities LLC acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,730 shares of the company’s stock, valued at approximately $517,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PCOR. SJS Investment Consulting Inc. grew its holdings in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the 3rd quarter valued at about $34,000. Allworth Financial LP grew its stake in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Employees Retirement System of Texas bought a new stake in Procore Technologies in the fourth quarter worth approximately $54,000. Finally, Global Retirement Partners LLC lifted its stake in Procore Technologies by 116.2% in the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after buying an additional 453 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Down 1.4%

Shares of NYSE:PCOR opened at $59.53 on Thursday. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The stock’s 50 day moving average is $51.63 and its 200-day moving average is $51.76. The firm has a market capitalization of $9.05 billion, a price-to-earnings ratio of -228.95 and a beta of 0.74.

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

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $54.98, for a total value of $422,906.16. Following the sale, the director owned 939,054 shares in the company, valued at $51,629,188.92. This represents a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the transaction, the director owned 58,371 shares of the company’s stock, valued at $3,677,373. This trade represents a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 224,200 shares of company stock valued at $11,136,134 over the last quarter. 16.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PCOR shares. Piper Sandler reduced their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Guggenheim initiated coverage on shares of Procore Technologies in a report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Finally, The Goldman Sachs Group cut 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 report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

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.