Qsemble Capital Management LP Boosts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Qsemble Capital Management LP lifted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 295.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 24,424 shares of the company’s stock after acquiring an additional 18,255 shares during the period. Qsemble Capital Management LP’s holdings in Procore Technologies were worth $1,620,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Signaturefd LLC grew its stake in shares of Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Procore Technologies during the second quarter worth about $51,000. Advisors Asset Management Inc. grew its stake 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 acquiring an additional 260 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after acquiring an additional 297 shares during the last quarter. Finally, Covestor Ltd lifted its holdings 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 during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 3.6 %

Shares of PCOR stock opened at $57.12 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The company has a market cap of $8.36 billion, a price-to-earnings ratio of -59.50 and a beta of 0.73. The stock has a 50 day simple moving average of $61.36 and a 200-day simple moving average of $68.23. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.14. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The business’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.28) EPS. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PCOR shares. JPMorgan Chase & Co. decreased their target price on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Scotiabank decreased their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Macquarie reaffirmed a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. Piper Sandler decreased their target price on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, DA Davidson downgraded Procore Technologies from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $90.00 to $60.00 in a report on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.31.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 3,846 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total transaction of $206,337.90. Following the completion of the transaction, the director now directly owns 1,444,313 shares of the company’s stock, valued at approximately $77,487,392.45. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Connor Kevin J. O sold 3,846 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total transaction of $206,337.90. Following the completion of the sale, the director now directly owns 1,444,313 shares in the company, valued at $77,487,392.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $68.68, for a total value of $78,432.56. Following the sale, the chief financial officer now owns 181,419 shares of the company’s stock, valued at $12,459,856.92. The disclosure for this sale can be found here. Insiders sold a total of 164,586 shares of company stock valued at $10,291,025 in the last three months. 29.00% of the stock is currently owned by company insiders.

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.