Bamco Inc. NY Raises Stock Position in Procore Technologies, Inc. $PCOR

Bamco Inc. NY raised its position in Procore Technologies, Inc. (NYSE:PCOR) by 16.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,480,776 shares of the company’s stock after acquiring an additional 206,905 shares during the period. Bamco Inc. NY’s holdings in Procore Technologies were worth $107,978,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PCOR. Global Retirement Partners LLC increased its holdings in shares of Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the third quarter valued at approximately $34,000. Jones Financial Companies Lllp grew its position in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the period. First Horizon Corp purchased a new position in Procore Technologies in the third quarter worth approximately $49,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Procore Technologies during the third quarter worth $57,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Up 0.2%

Shares of NYSE PCOR opened at $57.13 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The business’s 50 day moving average is $59.45 and its two-hundred day moving average is $68.33. Procore Technologies, Inc. has a 52-week low of $46.08 and a 52-week high of $82.32. The firm has a market cap of $8.58 billion, a price-to-earnings ratio of -85.27 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 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same period last year, the business posted $0.01 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Activity

In related news, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $54.48, for a total transaction of $523,825.20. Following the transaction, the director owned 1,012,136 shares of the company’s stock, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J.G. Griffith sold 207,474 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the sale, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. This represents a 6.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 377,911 shares of company stock worth $25,881,654 in the last quarter. Insiders own 21.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PCOR shares. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Piper Sandler lowered their price target on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Canaccord Genuity Group cut their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. KeyCorp reduced their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Wednesday. Seventeen analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.05.

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.