Vanguard Group Inc. Increases Stock Holdings in Procore Technologies, Inc. $PCOR

Vanguard Group Inc. increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 6.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 13,158,506 shares of the company’s stock after purchasing an additional 804,920 shares during the period. Vanguard Group Inc. owned about 0.08% of Procore Technologies worth $957,150,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PCOR. Brighton Jones LLC purchased a new position in Procore Technologies during the 4th quarter worth $511,000. Goldman Sachs Group Inc. grew its stake in Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares during the last quarter. Prudential Financial Inc. grew its stake in Procore Technologies by 56.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after buying an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after buying an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on PCOR shares. BMO Capital Markets dropped their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Stifel Nicolaus lowered 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. The Goldman Sachs Group lowered their price target on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Barclays lowered their price target on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Finally, Piper Sandler lowered their price target on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Fifteen equities research 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. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $73.75.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the transaction, the chairman owned 927,580 shares of the company’s stock, valued at $44,189,911.20. The trade was a 5.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 148,026 shares of company stock worth $7,783,734. Insiders own 21.50% of the company’s stock.

Procore Technologies Stock Performance

Shares of PCOR opened at $59.43 on Friday. The stock has a 50-day moving average of $55.59 and a two-hundred day moving average of $64.65. Procore Technologies, Inc. has a one year low of $46.08 and a one year high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $8.96 billion, a P/E ratio of -88.71 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, research analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current 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.