Alua Capital Management LP Invests $38.11 Million in Procore Technologies, Inc. $PCOR

Alua Capital Management LP bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 522,580 shares of the company’s stock, valued at approximately $38,107,000. Procore Technologies makes up about 2.6% of Alua Capital Management LP’s holdings, making the stock its 15th largest position. Alua Capital Management LP owned about 0.34% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PCOR. Vanguard Group Inc. raised its position in Procore Technologies by 6.2% during the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock worth $900,823,000 after acquiring an additional 718,663 shares during the period. Alliancebernstein L.P. lifted its holdings in Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP grew its position in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Buying and Selling at Procore Technologies

In related news, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total transaction of $523,825.20. Following the transaction, the director owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the transaction, the insider owned 64,660 shares in the company, valued at approximately $3,233,000. The trade was a 6.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 377,911 shares of company stock worth $25,881,654. 21.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. TD Cowen upped their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. The Goldman Sachs Group lowered their price objective on Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Barclays cut their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, BMO Capital Markets decreased their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.05.

Procore Technologies Stock Performance

NYSE:PCOR opened at $57.13 on Friday. The company has a market cap of $8.58 billion, a P/E ratio of -85.27 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32. The company’s 50-day moving average price is $59.45 and its 200-day moving average price is $68.33. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. Procore Technologies’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 EPS. On average, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.