Squarepoint Ops LLC Boosts Holdings in Procore Technologies, Inc. $PCOR

Squarepoint Ops LLC grew its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 21.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 305,837 shares of the company’s stock after purchasing an additional 54,285 shares during the period. Squarepoint Ops LLC owned approximately 0.20% of Procore Technologies worth $12,423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PCOR. SJS Investment Consulting Inc. lifted its holdings in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies in the 3rd quarter worth approximately $34,000. Allworth Financial LP raised its position in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares in the last quarter. Employees Retirement System of Texas purchased a new position in shares of Procore Technologies in the 4th quarter valued at approximately $54,000. Finally, Global Retirement Partners LLC lifted its stake in shares of Procore Technologies by 116.2% in the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after purchasing an additional 453 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

PCOR has been the topic of several recent research reports. Barclays upped their price target on Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Zacks Research raised Procore Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 3rd. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. UBS Group boosted their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Piper Sandler reduced their target price on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $70.44.

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Singer sold 3,943 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. This represents a 4.34% 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. In the last quarter, insiders have sold 175,770 shares of company stock worth $9,079,921. 16.80% of the stock is currently owned by company insiders.

Procore Technologies Stock Down 3.8%

PCOR stock opened at $54.04 on Thursday. The business has a 50 day moving average of $53.29 and a 200 day moving average of $51.93. The firm has a market cap of $8.21 billion, a PE ratio of -207.84 and a beta of 0.74. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period in the previous year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, research analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Procore Technologies Company Profile

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.