Norges Bank Acquires New Shares in Procore Technologies, Inc. $PCOR

Norges Bank acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,137,466 shares of the company’s stock, valued at approximately $82,739,000. Norges Bank owned approximately 0.73% of Procore Technologies as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PCOR. Alliancebernstein L.P. increased its position in shares of Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP increased its holdings in Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP increased its holdings in 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 in the last quarter. Holocene Advisors LP increased its holdings in Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after purchasing an additional 1,412,721 shares in the last quarter. Finally, Woodline Partners LP increased its holdings in Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock worth $130,542,000 after purchasing an additional 1,134,657 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of research reports. DA Davidson lowered their target price on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, February 13th. KeyCorp lowered their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Piper Sandler lowered their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Finally, Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $72.56.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $48.69 on Friday. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of -95.46 and a beta of 0.73. The business has a 50-day moving average of $52.20 and a 200-day moving average of $60.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies, Inc. has a fifty-two week low of $45.02 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.23 EPS. As a group, sell-side analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.25, for a total value of $440,367.00. Following the completion of the transaction, the director owned 1,004,444 shares of the company’s stock, valued at $57,504,419. The trade was a 0.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 185,768 shares of company stock worth $9,683,136 in the last quarter. Corporate insiders own 16.80% of the company’s stock.

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.