Citizens Financial Group Inc. RI Invests $964,000 in Procore Technologies, Inc. $PCOR

Citizens Financial Group Inc. RI bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 23,729 shares of the company’s stock, valued at approximately $964,000.

A number of other hedge funds have also modified their holdings of PCOR. BlackRock Inc. purchased a new position in shares of Procore Technologies in the second quarter worth about $300,345,000. Deutsche Bank AG purchased a new stake in Procore Technologies during the 2nd quarter valued at about $114,444,000. Assenagon Asset Management S.A. raised its holdings in Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after acquiring an additional 2,146,182 shares during the last quarter. Wasatch Advisors LP raised its holdings in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in Procore Technologies by 77.6% in 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 in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCOR has been the subject of a number of recent analyst reports. BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. Barclays lifted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. UBS Group upped their price target on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a research report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.44.

Procore Technologies Trading Up 2.7%

NYSE PCOR opened at $59.94 on Wednesday. The business’s 50 day moving average is $46.95 and its two-hundred day moving average is $51.01. The stock has a market capitalization of $9.11 billion, a price-to-earnings ratio of -230.52 and a beta of 0.70. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.

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

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction 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 trade represents a 8.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 15,386 shares of Procore Technologies stock in a transaction that occurred on 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 sale, the director directly owned 946,746 shares of the company’s stock, valued at $52,004,757.78. The trade was a 1.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 222,699 shares of company stock valued at $10,988,945. Company insiders own 16.80% of the company’s stock.

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.