53,963 Shares in Procore Technologies, Inc. $PCOR Acquired by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 53,963 shares of the company’s stock, valued at approximately $2,192,000.

Several other hedge funds have also made changes to their positions in PCOR. Argos Wealth Advisors LLC raised its holdings in shares of Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after acquiring an additional 195 shares in the last quarter. Intellectus Partners LLC grew its holdings in Procore Technologies by 1.6% during the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock worth $924,000 after acquiring an additional 200 shares in the last quarter. Allworth Financial LP increased its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Vident Advisory LLC increased its position in Procore Technologies by 6.0% during the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after purchasing an additional 219 shares during the period. Finally, George Kaiser Family Foundation raised its holdings in shares of Procore Technologies by 0.5% in the 4th quarter. George Kaiser Family Foundation now owns 52,306 shares of the company’s stock valued at $3,805,000 after purchasing an additional 241 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Finally, Guggenheim assumed coverage on Procore Technologies in a research report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.44.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 3,943 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the transaction, the insider directly owned 86,931 shares of the company’s stock, valued at $5,507,078.85. This represents a 4.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 224,200 shares of company stock valued at $11,136,134 in the last 90 days. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Stock Up 0.2%

NYSE PCOR opened at $63.81 on Friday. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The company has a 50 day moving average price of $50.31 and a 200 day moving average price of $51.51. The firm has a market cap of $9.70 billion, a PE ratio of -245.42 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 earnings per share. On average, equities research analysts anticipate that Procore Technologies, Inc. will post 0.09 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.