Park Avenue Securities LLC acquires shares of Procore Technologies, Inc. (NYSE:PCOR)

Park Avenue Securities LLC increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR – Free Report) by 16.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,741 shares of the company’s stock after acquiring an additional 1,266 shares during the quarter. Park Avenue Securities LLC’s holdings in Procore Technologies were worth $580,000 at the end of the last quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. increased its stake in Procore Technologies by 16.9% in the second quarter. Harbor Capital Advisors Inc. now owns 29,397 shares of the company’s stock valued at $1,949,000 after acquiring an additional 4,255 shares during the same period. First Bank & Trust increased its stake in Procore Technologies by 6.6% in the second quarter. First Bank & Trust now owns 6,034 shares of the company’s stock valued at $400,000 after acquiring an additional 373 shares during the same period. Cetera Advisors LLC acquired a new stake in Procore Technologies in the first quarter valued at about $220,000. Burney Co. acquired a new stake in Procore Technologies in the first quarter valued at about $1,371,000. Finally, Untitled Investments LP acquired a new stake in Procore Technologies during the first quarter valued at approximately $1,336,000. Institutional investors and hedge funds own 81.10% of the company’s shares.

Insider activities at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 3. The shares were sold at an average price of $67.58, for a total value of $135,160.00. Following the completion of the sale, the insider now owns 110,705 shares of the company’s stock, valued at approximately $7,481,443.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction that occurred on Tuesday, May 21. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the completion of 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 legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction that took place on Monday, June 3. The shares were sold at an average price of $67.58, for a total transaction of $135,160.00. Following the completion of the sale, the insider now owns 110,705 shares of the company’s stock, valued at approximately $7,481,443.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 246,203 shares of the company’s stock, valued at $16,437,755. 29.00% of the shares are owned by company insiders.

Procore Technologies down 1.8%

NYSE:PCOR shares opened at $53.29 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.60 and a current ratio of 1.55. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of -55.51 and a beta of 0.75. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a 50-day moving average price of $65.20 and a 200-day moving average price of $70.82.

Procore Technologies (NYSE:PCOR – Get Free Report) last released its quarterly earnings results on Thursday, August 1. The company reported earnings per share of $0.39 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 company’s quarterly revenue grew by 24.4% year-over-year. During the same quarter last year, the company posted earnings per share of -$0.28. On average, research analysts expect that Procore Technologies, Inc. will post earnings per share of -$0.33 for the current fiscal year.

Analysts set new price targets

Several research analysts have commented on PCOR shares. Mizuho reiterated a “neutral” rating and issued a $70.00 price target (previously $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and issued a “buy” rating for the company in a research report on Friday, August 2nd. Canaccord Genuity Group decreased their price target on shares of Procore Technologies from $95.00 to $80.00 and issued a “buy” rating for the company in a research report on Thursday, May 2nd. BMO Capital Markets decreased their price target on shares of Procore Technologies from $85.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Procore Technologies from $90.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Seven equities analysts have rated the stock with a hold rating and ten have given a buy rating. The company has a consensus rating of “moderate buy” and an average price target of $69.31, according to MarketBeat.com.

Read our latest analysis on Procore Technologies

Profile of Procore Technologies

(Free report)

Procore Technologies, Inc. provides 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.

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