PointState Capital LP Makes New Investment in Procore Technologies, Inc. (NYSE:PCOR)

PointState Capital LP bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,317,334 shares of the company’s stock, valued at approximately $81,306,000. Procore Technologies accounts for 1.5% of PointState Capital LP’s portfolio, making the stock its 19th largest holding. PointState Capital LP owned 0.89% of Procore Technologies at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Park Avenue Securities LLC grew its holdings in shares of Procore Technologies by 16.9% in the second quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock valued at $580,000 after purchasing an additional 1,266 shares in the last quarter. M&G Plc grew its holdings in shares of Procore Technologies by 12.4% in the second quarter. M&G Plc now owns 120,626 shares of the company’s stock valued at $7,961,000 after purchasing an additional 13,334 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Procore Technologies by 39.2% in the third quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock valued at $59,635,000 after purchasing an additional 272,030 shares in the last quarter. Advantage Alpha Capital Partners LP boosted its stake in Procore Technologies by 30.2% during the third quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock worth $7,825,000 after buying an additional 29,431 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Procore Technologies by 118.0% during the second quarter. SG Americas Securities LLC now owns 17,466 shares of the company’s stock worth $1,158,000 after buying an additional 9,454 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Kathryn Bueker sold 6,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $78.01, for a total transaction of $507,065.00. Following the completion of the sale, the director now directly owns 23,932 shares in the company, valued at approximately $1,866,935.32. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the sale, the director now owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. The trade was a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,553 shares of company stock valued at $7,933,974. Corporate insiders own 29.00% of the company’s stock.

Wall Street Analyst Weigh In

PCOR has been the subject of several recent analyst reports. Robert W. Baird initiated coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective for the company. TD Cowen lifted their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Barclays lifted their target price on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Stifel Nicolaus lifted their target price on Procore Technologies from $70.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, UBS Group began coverage on Procore Technologies in a report on Monday. They issued a “buy” rating and a $105.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.65.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $82.67 on Wednesday. The business’s 50 day moving average price is $66.88 and its 200 day moving average price is $64.43. The firm has a market cap of $12.29 billion, a P/E ratio of -165.34 and a beta of 0.82. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $83.35. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, sell-side analysts expect 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.