Seven Eight Capital LP Raises Position in Procore Technologies, Inc. (NYSE:PCOR)

Seven Eight Capital LP boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 13.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,516 shares of the company’s stock after buying an additional 1,939 shares during the period. Seven Eight Capital LP’s holdings in Procore Technologies were worth $1,357,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in PCOR. Covestor Ltd increased its position in shares of Procore Technologies by 29.3% during the first quarter. Covestor Ltd now owns 1,324 shares of the company’s stock worth $109,000 after purchasing an additional 300 shares in the last quarter. Edgestream Partners L.P. grew its holdings in shares of Procore Technologies by 1,046.5% during the first quarter. Edgestream Partners L.P. now owns 51,178 shares of the company’s stock worth $4,205,000 after buying an additional 46,714 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Procore Technologies by 1,184.6% during the first quarter. Acadian Asset Management LLC now owns 758,429 shares of the company’s stock worth $62,297,000 after buying an additional 699,389 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Procore Technologies by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after buying an additional 94,190 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Procore Technologies by 1.1% in the first quarter. Westfield Capital Management Co. LP now owns 880,442 shares of the company’s stock worth $72,346,000 after buying an additional 9,385 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Activity at Procore Technologies

In other news, CFO Howard Fu sold 1,157 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $75,205.00. Following the sale, the chief financial officer now owns 182,561 shares of the company’s stock, valued at $11,866,465. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $70.29, for a total value of $360,447.12. Following the sale, the director now directly owns 1,489,183 shares in the company, valued at $104,674,673.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 1,157 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now directly owns 182,561 shares of the company’s stock, valued at $11,866,465. The disclosure for this sale can be found here. Insiders sold 298,113 shares of company stock worth $20,134,080 in the last three months. 29.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PCOR. BMO Capital Markets reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Barclays dropped their price target on Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price objective on Procore Technologies from $86.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Macquarie began coverage on Procore Technologies in a research note on Wednesday, June 5th. They set a “neutral” rating and a $70.00 price objective on the stock. Finally, Piper Sandler cut their target price on Procore Technologies from $77.00 to $74.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $80.67.

Procore Technologies Trading Down 2.9 %

Shares of Procore Technologies stock traded down $2.01 on Wednesday, reaching $67.99. The company had a trading volume of 968,680 shares, compared to its average volume of 1,331,037. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. The firm has a market cap of $9.95 billion, a PE ratio of -70.65 and a beta of 0.75. The firm’s 50 day moving average price is $67.00 and its two-hundred day moving average price is $71.48. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35.

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