Nan Fung Group Holdings Ltd Invests $2.17 Billion in Procore Technologies, Inc. $PCOR

Nan Fung Group Holdings Ltd bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 53,299 shares of the company’s stock, valued at approximately $2,165,005,000. Procore Technologies comprises 1.6% of Nan Fung Group Holdings Ltd’s investment portfolio, making the stock its 17th biggest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. increased its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter worth approximately $34,000. Allworth Financial LP boosted its holdings in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares in the last quarter. Employees Retirement System of Texas acquired a new position in shares of Procore Technologies in the 4th quarter valued at $54,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of Procore Technologies by 116.2% in the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after buying an additional 453 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Down 2.2%

NYSE PCOR opened at $62.10 on Tuesday. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of -238.87 and a beta of 0.70. The business has a fifty day moving average of $48.57 and a 200-day moving average of $51.23. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on PCOR shares. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Piper Sandler cut their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. BTIG Research reissued a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Friday, July 24th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a research note on Wednesday, April 29th. One 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 given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.44.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 3,943 shares of Procore Technologies stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider directly owned 86,931 shares in the company, valued at $5,507,078.85. The trade was a 4.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director directly owned 58,371 shares of the company’s stock, valued at $3,677,373. The trade was a 2.51% decrease in their position. 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 have sold 228,142 shares of company stock valued at $11,333,234. Company insiders own 16.80% 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.