Xn LP Acquires 1,411,812 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Xn LP raised its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 101.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,808,251 shares of the company’s stock after purchasing an additional 1,411,812 shares during the quarter. Procore Technologies accounts for 7.7% of Xn LP’s holdings, making the stock its 3rd largest holding. Xn LP owned 1.90% of Procore Technologies worth $186,215,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PCOR. Amalgamated Bank lifted its holdings in shares of Procore Technologies by 30.4% in the 2nd quarter. Amalgamated Bank now owns 7,114 shares of the company’s stock worth $472,000 after acquiring an additional 1,659 shares during the last quarter. EPIQ Capital Group LLC increased its holdings in Procore Technologies by 159.0% in the 2nd quarter. EPIQ Capital Group LLC now owns 13,470 shares of the company’s stock valued at $893,000 after purchasing an additional 8,269 shares during the last quarter. Edgestream Partners L.P. raised its position in Procore Technologies by 8.1% in the second quarter. Edgestream Partners L.P. now owns 55,321 shares of the company’s stock valued at $3,668,000 after purchasing an additional 4,143 shares during the period. Renaissance Technologies LLC lifted its stake in Procore Technologies by 135.2% during the second quarter. Renaissance Technologies LLC now owns 549,900 shares of the company’s stock worth $36,464,000 after purchasing an additional 316,100 shares in the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Procore Technologies during the second quarter worth $773,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Activity at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 7,922 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $468,507.08. Following the completion of the transaction, the chief financial officer now owns 173,497 shares of the company’s stock, valued at $10,260,612.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the transaction, the chief executive officer now owns 793,123 shares of the company’s stock, valued at $46,905,294.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 7,922 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $468,507.08. Following the sale, the chief financial officer now owns 173,497 shares in the company, valued at approximately $10,260,612.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,586 shares of company stock valued at $10,291,025. 29.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Macquarie reiterated a “neutral” rating and issued a $70.00 price objective on shares of Procore Technologies in a report on Tuesday, July 30th. BMO Capital Markets lowered their price objective on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. JMP Securities cut their target price on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Scotiabank cut their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.31.

Procore Technologies Trading Down 1.1 %

Shares of PCOR stock opened at $57.48 on Wednesday. Procore Technologies, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $60.87 and a 200-day simple moving average of $67.70. The stock has a market cap of $8.49 billion, a P/E ratio of -59.87 and a beta of 0.73.

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

Procore Technologies 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.