Principal Financial Group Inc. Grows Position in Procore Technologies, Inc. $PCOR

Principal Financial Group Inc. grew its position in Procore Technologies, Inc. (NYSE:PCOR) by 12.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,301,569 shares of the company’s stock after acquiring an additional 360,207 shares during the quarter. Principal Financial Group Inc.’s holdings in Procore Technologies were worth $240,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Brighton Jones LLC bought a new position in Procore Technologies during the fourth quarter valued at $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after buying an additional 52,507 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Procore Technologies by 2.8% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 26,840 shares of the company’s stock valued at $1,836,000 after acquiring an additional 741 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Procore Technologies by 8.9% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,030 shares of the company’s stock worth $618,000 after acquiring an additional 735 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 0.3%

NYSE PCOR opened at $56.65 on Monday. The stock has a market cap of $8.81 billion, a PE ratio of -67.44 and a beta of 0.90. Procore Technologies, Inc. has a 12 month low of $53.71 and a 12 month high of $88.92. The company’s 50-day moving average price is $71.84 and its 200-day moving average price is $71.37. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. The company had revenue of $338.85 million during the quarter, compared to analyst estimates of $328.13 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS. Equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PCOR shares. Robert W. Baird upped their price objective on Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. BMO Capital Markets boosted their target price on Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Canaccord Genuity Group raised their price target on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. BTIG Research reiterated a “buy” rating and set a $88.00 price objective on shares of Procore Technologies in a research report on Wednesday, December 17th. Finally, Barclays raised shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $82.00 to $90.00 in a research note on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $85.11.

Insider Activity at Procore Technologies

In related news, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the transaction, the director directly owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 22,000 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $78.77, for a total value of $1,732,940.00. Following the sale, the senior vice president owned 63,309 shares of the company’s stock, valued at approximately $4,986,849.93. This represents a 25.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 690,703 shares of company stock worth $50,266,998 over the last quarter. Corporate insiders own 21.50% 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.