Vanguard Group Inc. Has $900.82 Million Stock Position in Procore Technologies, Inc. $PCOR

Vanguard Group Inc. lifted its stake in Procore Technologies, Inc. (NYSE:PCOR) by 6.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,353,586 shares of the company’s stock after purchasing an additional 718,663 shares during the period. Vanguard Group Inc. owned 8.23% of Procore Technologies worth $900,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D boosted its holdings in Procore Technologies by 13.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 39,809 shares of the company’s stock worth $2,903,000 after buying an additional 4,735 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Procore Technologies by 35.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 22,247 shares of the company’s stock valued at $1,622,000 after acquiring an additional 5,829 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Procore Technologies by 1.9% in the 3rd quarter. HighTower Advisors LLC now owns 20,886 shares of the company’s stock valued at $1,523,000 after acquiring an additional 397 shares during the period. Assetmark Inc. boosted its stake in Procore Technologies by 4.1% during the 3rd quarter. Assetmark Inc. now owns 92,217 shares of the company’s stock worth $6,724,000 after acquiring an additional 3,620 shares during the last quarter. Finally, Connable Office Inc. bought a new position in Procore Technologies during the 3rd quarter worth approximately $202,000. Institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the transaction, the chairman directly owned 1,155,480 shares in the company, valued at $84,003,396. The trade was a 6.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the sale, the director directly owned 3,244,546 shares in the company, valued at approximately $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 311,391 shares of company stock valued at $22,541,570 in the last ninety days. 21.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. KeyCorp lowered their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. TD Cowen lifted their target price on Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Zacks Research cut Procore Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. Finally, BTIG Research lowered their price target on Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a report 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.95.

Procore Technologies Price Performance

Shares of PCOR opened at $52.37 on Monday. The company has a 50 day moving average of $64.75 and a 200-day moving average of $69.30. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $8.14 billion, a P/E ratio of -78.16 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $84.77.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data 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 net margin of 7.62% and a negative return on equity of 4.00%. The company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same period in the prior year, the business posted $0.01 EPS. The company’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS 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.