Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Prosper Stars & Stripes Christopher E. Hillary | “Procore Technologies (PCOR) was the largest detractor from our long book during the second quarter. Procore sells cloud-based project management software into the commercial construction industry. Its platform is the system of record for construction projects (drawings, schedules, budgets, change orders) connecting owners, general contractors, and subcontractors in a single, shared workspace. While the market's concern is AI agents replace traditional seat-based software, we see Procore as an enabler and beneficiary of AI rather than a casualty. Its revenue model is aligned with customers; the company charges by project volume, not by seat, allowing unlimited users across its constituencies. It also provides mission-critical collaboration software to an industry that has been slow to adopt technology. A proprietary data set and more than three million users help position the company to deliver AI solutions that we believe its customers will want from their existing system of record. The fundamentals supported our thesis: Q1 results, reported May 5th, showed revenue growth of nearly 16% and free cash flow growth of 20%, in addition to management raising its full-year guidance. We exited our position during the quarter in keeping with our stop-loss discipline but have subsequently reinvested.” | NEUTRAL | Q2 2026 Aug 18, 2026 | View Pitch |
Spyglass Growth Strategy James A. Robillard | “Procore Technologies, Inc. (PCOR), a provider of cloud-based construction management software, was a bottom contributor during the second quarter. Procore's first-quarter results exceeded consensus expectations for both revenue and earnings. However, we believe Procore was also caught up in the broader selloff across the software sector, with investors seeming to want clear evidence of accelerating growth. As the new management team settles in, we continue to believe Procore's underlying momentum remains intact, supported by a widening data moat and an emerging AI monetization opportunity.” | BULL | Q2 2026 Jul 28, 2026 | View Pitch |
Wasatch Long Short Alpha Fund Portfolio Manager | “Another detractor was Procore Technologies, Inc. (PCOR), a software company that manages construction projects. Many software stocks have sold off in 2026, due to concerns about how AI might disrupt software business models. The portfolio does not have large exposure to software companies, and we've offset the exposure we do have by taking short positions in a few software companies we believe may be at risk of disruption. But for the long positions we have taken in software companies, we believe the market has underestimated the competitive moats that insulate the business from AI disruption, or the ways in which the companies might actually benefit, from AI, not be disrupted by it. Procore serves as an example. Procore's advantage lies not in its software code, but in its extensive network of contractors and the proprietary data generated across thousands of projects. That network effect and dataset are significantly more difficult to replicate than the underlying software functionality, and we believe they position the company well in an AI-driven environment. AI could create more and better insights from that proprietary data.” | BEAR | Q2 2026 Jul 25, 2026 | View Pitch |
Wasatch Small Cap Growth Strategy Ryan Snow | “Another detractor was Procore Technologies, Inc. (PCOR), a software company that manages construction projects. Many software stocks have sold off in 2026 due to concerns about how AI might disrupt software business models. The strategy does not have large exposure to software companies. But for the companies we do hold, we believe the market has underestimated the competitive moats that insulate the business from AI disruption or the ways in which the companies might actually benefit from AI, not be disrupted by it. Procore serves as an example. Procore's advantage lies not in its software code but in its extensive network of contractors and the proprietary data generated across thousands of projects. That network effect and dataset are significantly more difficult to replicate than the underlying software functionality, and we believe they position the company well in an AI-driven environment. AI could create more and better insights from that proprietary data.” | NEUTRAL | Q2 2026 Jul 25, 2026 | View Pitch |
Wasatch Global Select Strategy Mick Rasmussen, Derrick Tzau, Stuart Rigby | “The largest detractor from strategy performance was Procore Technologies, Inc. (PCOR), a software company that manages construction projects. Many software stocks have sold off in 2026 due to concerns about how AI might disrupt software business models. The strategy does not have large exposure to software companies. But for the companies we do hold, we believe the market has underestimated the competitive moats that insulate the businesses from AI disruption or the ways in which the companies might actually benefit from AI, not be disrupted by it. Procore serves as an example. Procore's advantage lies not in its software code but in its extensive network of contractors and the proprietary data generated across thousands of projects. That network effect and dataset are significantly more difficult to replicate than the underlying software functionality, and we believe they position the company well in an AI-driven environment. AI could create more and better insights from that proprietary data.” | NEUTRAL | Q2 2026 Jul 25, 2026 | View Pitch |
TimesSquare Capital Management U.S. Mid Cap Growth Strategy TimesSquare Capital Management LLC | “Procore Technologies, Inc. (PCOR), a provider of cloud-based construction management software, was a bottom contributor during the second quarter. Procore's first-quarter results exceeded consensus expectations for both revenue and earnings. However, we believe Procore was also caught up in the broader selloff across the software sector, with investors seeming to want clear evidence of accelerating growth. As the new management team settles in, we continue to believe Procore's underlying momentum remains intact, supported by a widening data moat and an emerging AI monetization opportunity.” | BULL | Q2 2026 Jul 21, 2026 | View Pitch |
Oakmark Global Select Fund David G. Herro, Tony Coniaris, Eric Liu, M. Colin Hudson, John A. Sitarz | “The manager argues that Procore's competitive advantage lies in its vast network of contractors and unique proprietary datasets rather than simple software code. They believe this extensive data and strong network effect insulate Procore from AI disruption and actually position it to benefit by utilizing AI to derive deeper project insights.” | BULL | Q2 2026 Jul 15, 2026 | View Pitch |
Wasatch Long Short Alpha Fund Portfolio Manager | “The construction management software provider experienced a decline due to generalized market fears regarding AI disruption. The manager believes these fears overlook Procore's powerful network effects and vast proprietary dataset, which actually position it to benefit from AI.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
1290 Essex Small Cap Growth Fund Portfolio Manager | “Procore Technologies experienced a sell-off driven by market anxieties regarding AI disruption in the software sector. The managers argue that the market is overlooking Procore's strong moat, which is built on its extensive contractor network and unique historical data. They believe this database positions the company to successfully integrate and leverage AI tools rather than being replaced by them.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Spyglass Capital Management Portfolio Manager | “Procore beat expectations but experienced share price declines due to the broader software sector selloff. The manager asserts that Procore's fundamental momentum is strong, reinforced by its expanding data moat and potential to monetize AI under new management.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Madison Dividend Income Fund John Brown, Drew Justman | “We initiated a new position in the construction management software company Procore Technologies (~$9B market cap). Procore is a 'system of record' for the construction industry, connecting owners, ge” | BULL | Q1 2026 Apr 18, 2026 | View Pitch |
Spyglass Capital Management Portfolio Manager | “The construction management software serves as the vital system of record holding the deep real-world project context that general AI models cannot replicate. This enables autonomous construction workflows, transforming labor spend directly into high-margin software revenue.” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
