Dnca Finance Grows Stock Position in Procore Technologies, Inc. $PCOR

Dnca Finance increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 60.5% in the third quarter, Holdings Channel reports. The institutional investor owned 68,050 shares of the company’s stock after acquiring an additional 25,650 shares during the period. Dnca Finance’s holdings in Procore Technologies were worth $4,962,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in Procore Technologies by 76.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after acquiring an additional 1,750,998 shares during the last quarter. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares during the period. Norges Bank purchased a new position in shares of Procore Technologies during the 2nd quarter worth about $82,361,000. Finally, Champlain Investment Partners LLC grew its holdings in Procore Technologies by 73.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock valued at $154,590,000 after purchasing an additional 955,450 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Zacks Research cut Procore Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. UBS Group reduced their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. BMO Capital Markets decreased their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Finally, Piper Sandler dropped their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a report 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.05.

Procore Technologies Price Performance

Procore Technologies stock opened at $57.13 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of -85.27 and a beta of 0.90. The firm has a 50-day moving average of $59.45 and a two-hundred day moving average of $68.31. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32.

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

Insider Activity

In related news, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated 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 in the company, valued at $13,009,518.63. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the completion of the sale, the chairman directly owned 1,155,480 shares of the company’s stock, valued at approximately $84,003,396. This trade represents a 6.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 377,911 shares of company stock valued at $25,881,654. Company insiders own 21.50% of the company’s stock.

Procore Technologies Company 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.