Handelsbanken Fonder AB Purchases 31,600 Shares of Procore Technologies, Inc. $PCOR

Handelsbanken Fonder AB raised its position in Procore Technologies, Inc. (NYSE:PCOR) by 145.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,400 shares of the company’s stock after acquiring an additional 31,600 shares during the quarter. Handelsbanken Fonder AB’s holdings in Procore Technologies were worth $2,169,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PCOR. SJS Investment Consulting Inc. grew its stake in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies during the 3rd quarter valued at approximately $34,000. Allworth Financial LP raised its position in Procore Technologies by 48.2% during 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 last quarter. Employees Retirement System of Texas purchased a new stake in Procore Technologies in the 4th quarter worth approximately $54,000. Finally, Global Retirement Partners LLC lifted its holdings in Procore Technologies by 116.2% in the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock worth $61,000 after buying an additional 453 shares during the period. 81.10% of the stock is owned by institutional investors.

Insider Transactions at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at $6,188,629.95. This represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 15,386 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the transaction, the director owned 946,746 shares of the company’s stock, valued at approximately $52,004,757.78. The trade was a 1.60% 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 three months, insiders sold 222,699 shares of company stock worth $10,988,945. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $59.65 on Monday. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The firm has a market capitalization of $9.06 billion, a P/E ratio of -229.40 and a beta of 0.70. The stock has a 50 day moving average price of $46.45 and a 200-day moving average price of $51.06.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. On average, equities analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Analyst Ratings Changes

PCOR has been the topic of several research analyst reports. TD Cowen reduced their target price on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Guggenheim started coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target for the company. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. Piper Sandler reduced their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Finally, The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.44.

About Procore Technologies

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.