Jefferies Financial Group Inc. Buys 164,477 Shares of Procore Technologies, Inc. $PCOR

Jefferies Financial Group Inc. lifted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 304.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 218,440 shares of the company’s stock after acquiring an additional 164,477 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Procore Technologies were worth $11,298,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCOR. Deutsche Bank AG acquired a new position in shares of Procore Technologies during the 2nd quarter valued at $114,444,000. Bank of America Corp DE bought a new stake in shares of Procore Technologies in the 2nd quarter worth $34,651,000. Whetstone Capital Advisors LLC acquired a new stake in shares of Procore Technologies in the second quarter valued at $1,990,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Procore Technologies in the first quarter valued at $3,181,000. Finally, Assenagon Asset Management S.A. boosted its stake in Procore Technologies by 0.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock valued at $229,154,000 after buying an additional 32,494 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $77.49 on Thursday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $80.40. The stock has a fifty day moving average of $58.38 and a 200-day moving average of $53.68. The company has a market capitalization of $11.59 billion, a PE ratio of -336.88 and a beta of 0.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.17 and a current ratio of 1.06.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.05. The business had revenue of $402.31 million during the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a positive return on equity of 2.67% and a negative net margin of 2.31%. The company’s revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company posted $0.42 EPS. As a group, equities analysts anticipate that Procore Technologies, Inc. will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Benjamin Singer sold 2,586 shares of the company’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $75.00, for a total transaction of $193,950.00. Following the completion of the sale, the insider directly owned 84,345 shares of the company’s stock, valued at $6,325,875. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 3,337 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $69.10, for a total value of $230,586.70. Following the completion of the transaction, the director owned 55,034 shares of the company’s stock, valued at $3,802,849.40. This trade represents a 5.72% 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 three months, insiders sold 146,686 shares of company stock valued at $8,231,827. 16.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. TD Cowen lifted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. BTIG Research boosted their price target on shares of Procore Technologies from $66.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Piper Sandler upped their price target on shares of Procore Technologies from $68.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, November 5th. Mizuho set a $68.00 price objective on shares of Procore Technologies in a research report on Wednesday, November 4th. Finally, Guggenheim raised their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, November 5th. Eighteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $80.35.

About Procore Technologies

Procore Technologies provides cloud-based construction management software designed to help construction companies plan, manage and execute projects. Its platform connects project teams and stakeholders, including owners, general contractors, specialty contractors and design professionals. Procore’s products support project management, construction financials, workforce coordination, quality and safety processes, and project data and analytics. The platform also offers integrations with third-party applications to help customers connect construction workflows and business systems.