Bamco Inc. NY Purchases 441,256 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Bamco Inc. NY lifted its position in Procore Technologies, Inc. (NYSE:PCOR) by 756.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 499,559 shares of the company’s stock after buying an additional 441,256 shares during the period. Bamco Inc. NY’s holdings in Procore Technologies were worth $41,049,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. 1832 Asset Management L.P. acquired a new stake in Procore Technologies in the 1st quarter valued at about $5,177,000. Advisors Asset Management Inc. increased its holdings in shares of Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 shares during the period. Meritage Group LP bought a new position in shares of Procore Technologies during the first quarter worth approximately $106,738,000. Twin Capital Management Inc. bought a new position in Procore Technologies in the first quarter valued at approximately $867,000. Finally, Seven Eight Capital LP increased its stake in Procore Technologies by 13.3% in the first quarter. Seven Eight Capital LP now owns 16,516 shares of the company’s stock valued at $1,357,000 after acquiring an additional 1,939 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

PCOR stock traded up $2.62 during trading on Friday, reaching $70.31. The company had a trading volume of 939,465 shares, compared to its average volume of 1,455,185. The firm has a 50-day simple moving average of $66.93 and a 200-day simple moving average of $71.47. The company has a market cap of $10.29 billion, a price-to-earnings ratio of -73.24 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The company had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Barclays cut their price target on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Piper Sandler dropped their target price on shares of Procore Technologies from $77.00 to $74.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. TD Cowen started coverage on shares of Procore Technologies in a research note on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price target for the company. Finally, Canaccord Genuity Group decreased their target price on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $80.67.

Insider Activity

In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the sale, the director now owns 1,489,183 shares of the company’s stock, valued at approximately $104,674,673.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total transaction of $360,447.12. Following the sale, the director now owns 1,489,183 shares of the company’s stock, valued at approximately $104,674,673.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Howard Fu sold 1,142 shares of Procore Technologies stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $68.68, for a total transaction of $78,432.56. Following the sale, the chief financial officer now directly owns 181,419 shares in the company, valued at approximately $12,459,856.92. The disclosure for this sale can be found here. Insiders sold a total of 309,511 shares of company stock valued at $20,921,459 in the last three months. 29.00% of the stock is currently owned by corporate insiders.

Procore Technologies 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.