Jefferies Financial Group Inc. Takes $3.02 Million Position in Procore Technologies, Inc. $PCOR

Jefferies Financial Group Inc. bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 3rd quarter, HoldingsChannel reports. The fund bought 41,407 shares of the company’s stock, valued at approximately $3,019,000.

A number of other hedge funds also recently modified their holdings of PCOR. Vanguard Group Inc. raised its stake in Procore Technologies by 6.2% in the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock valued at $900,823,000 after purchasing an additional 718,663 shares in the last quarter. Wasatch Advisors LP grew its stake in Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after buying an additional 1,717,492 shares in the last quarter. Assenagon Asset Management S.A. grew its stake 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 worth $294,449,000 after buying an additional 1,750,998 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after buying an additional 360,207 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Procore Technologies by 0.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock valued at $224,594,000 after buying an additional 23,038 shares during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Down 2.1%

PCOR opened at $57.49 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The company’s 50 day moving average price is $60.36 and its two-hundred day moving average price is $68.54. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of -85.80 and a beta of 0.90.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. TD Cowen lifted their price objective on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Zacks Research downgraded shares of Procore Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Barclays cut their target price on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Finally, Canaccord Genuity Group reduced their target price on Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the sale, the director owned 3,244,546 shares in the company, valued at approximately $234,580,675.80. The trade was a 6.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.70, for a total value 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. The trade was a 6.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 314,098 shares of company stock worth $22,229,482 over the last 90 days. Company insiders own 21.50% 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.