Oppenheimer Asset Management Inc. Acquires 7,362 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Oppenheimer Asset Management Inc. grew its position in Procore Technologies, Inc. (NYSE:PCOR) by 24.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 37,660 shares of the company’s stock after buying an additional 7,362 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Procore Technologies were worth $2,497,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisor Group LLC raised its holdings in Procore Technologies by 14.7% during the fourth quarter. Private Advisor Group LLC now owns 5,015 shares of the company’s stock worth $347,000 after acquiring an additional 641 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Procore Technologies by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 546,102 shares of the company’s stock worth $37,801,000 after purchasing an additional 21,172 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Procore Technologies by 13.1% during the fourth quarter. Teacher Retirement System of Texas now owns 10,795 shares of the company’s stock worth $747,000 after purchasing an additional 1,254 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Procore Technologies by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 326,124 shares of the company’s stock worth $22,577,000 after purchasing an additional 46,646 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in Procore Technologies during the fourth quarter worth $242,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Down 1.1 %

Shares of PCOR stock opened at $57.48 on Wednesday. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of -59.87 and a beta of 0.73. The company’s fifty day moving average price is $60.87 and its 200-day moving average price is $67.70. Procore Technologies, Inc. has a one year low of $48.11 and a one year high of $83.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.25 by $0.14. The company had revenue of $284.30 million for the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm’s revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) EPS. Sell-side analysts expect that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

Analyst Ratings Changes

PCOR has been the subject of several recent analyst reports. Macquarie restated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. JPMorgan Chase & Co. decreased their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Stifel Nicolaus reduced their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JMP Securities cut their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. Finally, KeyCorp dropped their target price on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.31.

Insider Activity at Procore Technologies

In other news, insider Steven Scott Davis sold 7,641 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $496,665.00. Following the completion of the sale, the insider now owns 209,837 shares of the company’s stock, valued at approximately $13,639,405. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Steven Scott Davis sold 7,641 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $496,665.00. Following the completion of the sale, the insider now owns 209,837 shares of the company’s stock, valued at $13,639,405. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 3,846 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total transaction of $206,337.90. Following the completion of the sale, the director now owns 1,444,313 shares in the company, valued at approximately $77,487,392.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,586 shares of company stock worth $10,291,025. Insiders own 29.00% of the company’s stock.

About Procore Technologies

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.