Dragoneer Investment Group LLC Increases Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Dragoneer Investment Group LLC raised its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 254.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,243,431 shares of the company’s stock after purchasing an additional 1,609,607 shares during the period. Procore Technologies accounts for approximately 2.8% of Dragoneer Investment Group LLC’s investment portfolio, making the stock its 17th largest holding. Dragoneer Investment Group LLC’s holdings in Procore Technologies were worth $148,762,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Signaturefd LLC lifted its stake in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the period. Rothschild Investment LLC purchased a new stake in Procore Technologies during the second quarter worth approximately $51,000. Advisors Asset Management Inc. raised its position in Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its position in Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after acquiring an additional 297 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $60.55 on Thursday. The company has a fifty day moving average price of $59.86 and a 200 day moving average price of $67.00. The firm has a market cap of $8.94 billion, a PE ratio of -63.07 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35.

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

Insider Activity

In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $65.59, for a total value of $4,460,120.00. Following the completion of the transaction, the chief executive officer now owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the transaction, the senior vice president now owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $65.59, for a total value of $4,460,120.00. Following the completion of the sale, the chief executive officer now directly owns 527,349 shares of the company’s stock, valued at approximately $34,588,820.91. The disclosure for this sale can be found here. Insiders have sold 178,688 shares of company stock worth $11,111,941 over the last ninety days. Insiders own 29.00% of the company’s stock.

Analysts Set New Price Targets

PCOR has been the topic of a number of research analyst reports. Macquarie reiterated a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research note on Tuesday, July 30th. BMO Capital Markets decreased their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. DA Davidson cut Procore Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $90.00 to $60.00 in a research note on Friday, August 2nd. Piper Sandler reduced their price objective on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $69.50.

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.