Mirae Asset Global Investments Co. Ltd. Acquires Shares of 400,555 Procore Technologies, Inc. (NYSE:PCOR)

Mirae Asset Global Investments Co. Ltd. bought a new stake in Procore Technologies, Inc. (NYSE:PCOR) during the second quarter, Holdings Channel reports. The institutional investor bought 400,555 shares of the company’s stock, valued at approximately $26,064,000.

A number of other institutional investors have also modified their holdings of PCOR. Headlands Technologies LLC raised its stake in shares of Procore Technologies by 61.7% during the second quarter. Headlands Technologies LLC now owns 527 shares of the company’s stock worth $34,000 after purchasing an additional 201 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Procore Technologies during the 1st quarter worth approximately $31,000. US Bancorp DE lifted its holdings in shares of Procore Technologies by 59.9% in the 1st quarter. US Bancorp DE now owns 673 shares of the company’s stock valued at $42,000 after buying an additional 252 shares during the period. Advisors Asset Management Inc. purchased a new stake in shares of Procore Technologies in the first quarter valued at approximately $42,000. Finally, Clearstead Advisors LLC acquired a new position in Procore Technologies during the first quarter worth $49,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Procore Technologies stock opened at $56.41 on Tuesday. The firm has a market capitalization of $8.03 billion, a PE ratio of -34.40 and a beta of 0.69. Procore Technologies, Inc. has a one year low of $41.80 and a one year high of $76.86. The stock’s 50 day moving average price is $61.76 and its 200 day moving average price is $63.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.50 and a current ratio of 1.50.

Analysts Set New Price Targets

PCOR has been the topic of a number of research reports. Jefferies Financial Group cut Procore Technologies from a “buy” rating to a “hold” rating and lowered their price target for the stock from $90.00 to $55.00 in a report on Thursday, November 2nd. Barclays lowered their price target on shares of Procore Technologies from $87.00 to $71.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. KeyCorp cut their price target on Procore Technologies from $85.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. JMP Securities decreased their price objective on Procore Technologies from $75.00 to $69.00 and set a “market outperform” rating on the stock in a report on Friday, November 3rd. Finally, Oppenheimer downgraded Procore Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $72.27.

Insider Activity

In related news, CEO Craig F. Jr. Courtemanche sold 97,500 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $66.81, for a total transaction of $6,513,975.00. Following the completion of the sale, the chief executive officer now directly owns 545,349 shares of the company’s stock, valued at approximately $36,434,766.69. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 3,388 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $62.97, for a total transaction of $213,342.36. Following the completion of the transaction, the senior vice president now directly owns 82,973 shares of the company’s stock, valued at approximately $5,224,809.81. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 97,500 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $66.81, for a total transaction of $6,513,975.00. Following the completion of the sale, the chief executive officer now owns 545,349 shares in the company, valued at approximately $36,434,766.69. The disclosure for this sale can be found here. Insiders have sold 435,656 shares of company stock worth $28,229,509 over the last 90 days. Company insiders own 39.20% of the company’s stock.

Procore Technologies Profile

Procore Technologies, Inc provides 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 Management, 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.