Procore Technologies, Inc. $PCOR Shares Purchased by Bamco Inc. NY

Bamco Inc. NY boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 16.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,480,776 shares of the company’s stock after acquiring an additional 206,905 shares during the period. Bamco Inc. NY owned about 0.95% of Procore Technologies worth $107,978,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PCOR. Alliancebernstein L.P. grew its position in shares of Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after purchasing an additional 1,750,998 shares during the last quarter. Wasatch Advisors LP raised its position in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP lifted its stake in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after buying an additional 1,486,153 shares in the last quarter. Finally, Norges Bank purchased a new position in Procore Technologies in the 2nd quarter valued at about $82,361,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the sale, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. This represents a 6.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 814 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total value of $59,413.86. Following the completion of the sale, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. This trade represents a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 377,911 shares of company stock valued at $25,881,654 in the last 90 days. 21.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. DA Davidson cut their price objective on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Piper Sandler decreased their target price on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. UBS Group lowered their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Stifel Nicolaus dropped their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, Canaccord Genuity Group reduced their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.05.

Procore Technologies Stock Up 0.2%

PCOR stock opened at $57.13 on Friday. 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 50-day moving average of $59.45 and a two-hundred day moving average of $68.33. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The company has a market cap of $8.58 billion, a price-to-earnings ratio of -85.27 and a beta of 0.90.

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

Procore Technologies 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.