PNC Financial Services Group Inc. Buys 23,555 Shares of Procore Technologies, Inc. $PCOR

PNC Financial Services Group Inc. raised its stake in Procore Technologies, Inc. (NYSE:PCOR) by 105.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 45,802 shares of the company’s stock after acquiring an additional 23,555 shares during the period. PNC Financial Services Group Inc.’s holdings in Procore Technologies were worth $3,332,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies in the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp lifted its stake in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the 4th quarter valued at about $41,000. Allworth Financial LP lifted its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Procore Technologies in the 3rd quarter valued at about $57,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. KeyCorp dropped their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. UBS Group dropped their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a research note on Wednesday, April 29th. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, The Goldman Sachs Group dropped their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.56.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the sale, the director directly owned 1,012,136 shares of the company’s stock, valued at $55,141,169.28. This represents a 0.94% 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, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $47,362,234.80. This trade represents a 5.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 197,210 shares of company stock worth $10,301,311. 16.80% of the stock is owned by company insiders.

Procore Technologies Stock Up 0.1%

PCOR stock opened at $46.90 on Tuesday. The stock’s 50 day simple moving average is $53.62 and its 200 day simple moving average is $62.02. Procore Technologies, Inc. has a fifty-two week low of $45.02 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $7.08 billion, a P/E ratio of -91.97 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same period last year, the company posted $0.23 earnings per share. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, research analysts expect that Procore Technologies, Inc. will post 0.06 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.