LMR Partners LLP Invests $17.10 Million in Procore Technologies, Inc. (NYSE:PCOR)

LMR Partners LLP bought a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 277,000 shares of the company’s stock, valued at approximately $17,096,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after purchasing an additional 175 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 3rd quarter worth approximately $26,000. Signaturefd LLC raised its holdings 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 purchasing an additional 216 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after buying an additional 789 shares during the period. Finally, Rothschild Investment LLC acquired a new position in Procore Technologies in the second quarter valued at approximately $51,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PCOR shares. KeyCorp decreased their price objective on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group decreased their price target on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. TD Cowen increased their target price on Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a report on Monday, October 28th. Piper Sandler lifted their price target on Procore Technologies from $63.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Scotiabank reduced their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $69.94.

Insiders Place Their Bets

In related news, CFO Howard Fu sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the completion of the transaction, the chief financial officer now owns 171,997 shares in the company, valued at approximately $12,340,784.75. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $70.47, for a total transaction of $361,370.16. Following the sale, the director now owns 1,335,208 shares in the company, valued at approximately $94,092,107.76. This trade represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,695 shares of company stock worth $6,844,893 over the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Procore Technologies Stock Performance

NYSE PCOR opened at $69.15 on Monday. The stock has a market cap of $10.28 billion, a PE ratio of -138.30 and a beta of 0.71. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $83.35. The stock has a fifty day simple moving average of $62.53 and a 200-day simple moving average of $63.78. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The business had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Equities analysts anticipate that Procore Technologies, Inc. will post -0.23 earnings per share for the current 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.