Lead Edge Capital Management LLC Purchases New Shares in Procore Technologies, Inc. $PCOR

Lead Edge Capital Management LLC purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 309,573 shares of the company’s stock, valued at approximately $17,646,000. Procore Technologies accounts for approximately 4.3% of Lead Edge Capital Management LLC’s investment portfolio, making the stock its 10th biggest position.

A number of other institutional investors have also recently bought and sold shares of the stock. Argos Wealth Advisors LLC lifted its stake in Procore Technologies by 3.9% during the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after buying an additional 195 shares in the last quarter. Intellectus Partners LLC increased its position in shares of Procore Technologies by 1.6% in the fourth quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock worth $924,000 after acquiring an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock worth $1,068,000 after acquiring an additional 202 shares in the last quarter. Allworth Financial LP raised its holdings in shares of 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 acquiring an additional 204 shares during the period. Finally, Vident Advisory LLC raised its holdings in shares of Procore Technologies by 6.0% during the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after acquiring an additional 219 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PCOR. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a research note on Wednesday, April 29th. BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday. UBS Group reduced their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Guggenheim started coverage on Procore Technologies in a research report on Thursday. They issued a “buy” rating and a $68.00 target price for the company. Finally, Jefferies Financial Group lowered their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Stock Performance

Shares of PCOR opened at $42.80 on Friday. The company’s 50 day moving average price is $44.49 and its 200 day moving average price is $52.71. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The company has a market capitalization of $6.46 billion, a PE ratio of -83.93 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the company posted $0.23 EPS. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. Research analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insider Activity

In other news, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the sale, the director owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. This represents a 0.59% decrease in their ownership of the stock. 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 have sold a total of 189,621 shares of company stock worth $8,791,847 in the last ninety days. Corporate insiders own 16.80% of the company’s stock.

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.