Procore Technologies, Inc. (NYSE:PCOR) is Manchester Global Management UK Ltd’s 7th Largest Position

Manchester Global Management UK Ltd reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 9.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 468,835 shares of the company’s stock after selling 50,000 shares during the period. Procore Technologies makes up about 5.5% of Manchester Global Management UK Ltd’s holdings, making the stock its 7th largest holding. Manchester Global Management UK Ltd’s holdings in Procore Technologies were worth $31,088,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Long Path Partners LP raised its stake in shares of Procore Technologies by 447.9% in the second quarter. Long Path Partners LP now owns 338,503 shares of the company’s stock valued at $22,446,000 after acquiring an additional 276,721 shares in the last quarter. Xponance Inc. raised its stake in shares of Procore Technologies by 33.7% in the second quarter. Xponance Inc. now owns 14,067 shares of the company’s stock valued at $933,000 after acquiring an additional 3,545 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Procore Technologies in the second quarter valued at $25,627,000. Magnetar Financial LLC acquired a new stake in shares of Procore Technologies in the second quarter valued at $2,832,000. Finally, RGM Capital LLC acquired a new stake in Procore Technologies in the second quarter valued at $44,203,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 1,142 shares of Procore Technologies stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $68.68, for a total value of $78,432.56. Following the sale, the chief financial officer now owns 181,419 shares of the company’s stock, valued at approximately $12,459,856.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares in the company, valued at approximately $4,681,285.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 1,142 shares of Procore Technologies stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total transaction of $78,432.56. Following the sale, the chief financial officer now owns 181,419 shares of the company’s stock, valued at $12,459,856.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 178,688 shares of company stock valued at $11,111,941. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Stock Performance

NYSE PCOR opened at $58.89 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35. The business’s 50-day moving average price is $60.27 and its 200 day moving average price is $67.17. The firm has a market cap of $8.70 billion, a P/E ratio of -61.34 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. During the same quarter last year, the company posted ($0.28) earnings per share. The business’s revenue was up 24.4% on a year-over-year basis. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. KeyCorp cut their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Mizuho restated a “neutral” rating and issued a $70.00 price target (down from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. Stifel Nicolaus cut their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Piper Sandler cut their price target on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, TD Cowen started coverage on Procore Technologies in a research note on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.27.

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.