Madison Asset Management LLC Purchases New Shares in Procore Technologies, Inc. $PCOR

Madison Asset Management LLC purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the second quarter, HoldingsChannel.com reports. The firm purchased 74,738 shares of the company’s stock, valued at approximately $3,036,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. SJS Investment Consulting Inc. grew its position in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the third quarter valued at about $34,000. Allworth Financial LP boosted its stake in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Procore Technologies during the second quarter worth about $52,000. Finally, Employees Retirement System of Texas purchased a new position in shares of Procore Technologies during the fourth quarter worth about $54,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PCOR. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. UBS Group lifted their target price on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, The Goldman Sachs Group cut their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Stock Up 0.1%

Shares of NYSE:PCOR opened at $63.01 on Friday. The company has a market cap of $9.57 billion, a price-to-earnings ratio of -242.35 and a beta of 0.70. The firm’s 50-day simple moving average is $47.76 and its 200-day simple moving average is $51.10. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 earnings per share. On average, research analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Elisa Steele sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the transaction, the director owned 58,371 shares in the company, valued at approximately $3,677,373. The trade was a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 that occurred on Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $52,524,295.44. This trade represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 224,199 shares of company stock worth $11,083,445 over the last quarter. 16.80% of the stock is 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. 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.