Envestnet Asset Management Inc. Increases Position in Procore Technologies, Inc. (NYSE:PCOR)

Envestnet Asset Management Inc. increased its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 5.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,492 shares of the company’s stock after acquiring an additional 11,384 shares during the period. Envestnet Asset Management Inc. owned about 0.15% of Procore Technologies worth $14,223,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PCOR. Meritage Group LP bought a new position in Procore Technologies in the 1st quarter valued at $106,738,000. William Blair Investment Management LLC purchased a new stake in Procore Technologies during the first quarter worth about $91,158,000. Robeco Schweiz AG bought a new stake in Procore Technologies in the fourth quarter worth about $60,914,000. Lord Abbett & CO. LLC boosted its stake in Procore Technologies by 887.1% in the first quarter. Lord Abbett & CO. LLC now owns 783,806 shares of the company’s stock valued at $64,405,000 after acquiring an additional 704,400 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Procore Technologies by 1,184.6% during the 1st quarter. Acadian Asset Management LLC now owns 758,429 shares of the company’s stock valued at $62,297,000 after acquiring an additional 699,389 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of PCOR opened at $61.15 on Wednesday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock has a 50-day moving average price of $60.06 and a 200-day moving average price of $67.05. The company has a market cap of $8.95 billion, a PE ratio of -63.70 and a beta of 0.73. Procore Technologies, Inc. has a 12-month low of $48.11 and a 12-month high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The business had revenue of $284.30 million for the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.28) earnings per share. As a group, equities analysts forecast that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PCOR. Macquarie reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Barclays lowered Procore Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $78.00 to $54.00 in a research note on Friday, August 2nd. Mizuho reiterated a “neutral” rating and set a $70.00 price target (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. Piper Sandler lowered their price objective 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, The Goldman Sachs Group cut their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.50.

Insider Activity

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

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.