Capital World Investors Has $192.15 Million Stake in Procore Technologies, Inc. $PCOR

Capital World Investors reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 58.8% in the 3rd quarter, Holdings Channel reports. The firm owned 2,635,099 shares of the company’s stock after selling 3,762,029 shares during the quarter. Capital World Investors’ holdings in Procore Technologies were worth $192,151,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Global Retirement Partners LLC grew its position in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the third quarter worth about $34,000. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the last quarter. First Horizon Corp acquired a new position in shares of Procore Technologies in the third quarter worth approximately $49,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Procore Technologies in the third quarter worth approximately $57,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on PCOR. Barclays decreased their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. UBS Group dropped their price target on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. TD Cowen upped their price objective on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 13th. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Finally, Piper Sandler lowered their target price on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.95.

Insider Buying and Selling at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $72.70, for a total value of $5,452,500.00. Following the completion of the sale, the chairman directly owned 1,155,480 shares of the company’s stock, valued at $84,003,396. This represents a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin C. Singer sold 4,225 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 314,098 shares of company stock worth $22,229,482. 21.50% of the stock is currently owned by corporate insiders.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $56.09 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $60.02 and a two-hundred day simple moving average of $68.45. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The firm has a market capitalization of $8.42 billion, a PE ratio of -83.71 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period last year, the firm earned $0.01 earnings per share. Analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Procore Technologies Company 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. 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 Execution, 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.