Capital World Investors Increases Stake in Procore Technologies, Inc. $PCOR

Capital World Investors lifted its stake in Procore Technologies, Inc. (NYSE:PCOR) by 18.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,115,612 shares of the company’s stock after acquiring an additional 480,513 shares during the period. Capital World Investors’ holdings in Procore Technologies were worth $226,630,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Los Angeles Capital Management LLC purchased a new position in shares of Procore Technologies in the 4th quarter valued at approximately $134,000. Vise Technologies Inc. raised its position in shares of Procore Technologies by 13.0% in the 4th quarter. Vise Technologies Inc. now owns 5,164 shares of the company’s stock valued at $376,000 after purchasing an additional 593 shares during the last quarter. State of Wyoming raised its position in shares of Procore Technologies by 66.1% in the 4th quarter. State of Wyoming now owns 9,307 shares of the company’s stock valued at $677,000 after purchasing an additional 3,705 shares during the last quarter. Intellectus Partners LLC increased its holdings in Procore Technologies by 1.6% in the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock worth $924,000 after buying an additional 200 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in Procore Technologies by 12.8% in the 4th quarter. CIBC Asset Management Inc now owns 5,101 shares of the company’s stock worth $371,000 after buying an additional 577 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the transaction, the director owned 990,983 shares in the company, valued at $50,609,501.81. This trade represents a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 121,955 shares of company stock valued at $6,030,964 in the last 90 days. 16.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PCOR has been the topic of several research reports. Barclays cut their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. UBS Group cut their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Piper Sandler cut their price target on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Stifel Nicolaus cut their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $47.38 on Tuesday. The stock has a market capitalization of $7.15 billion, a price-to-earnings ratio of -92.91 and a beta of 0.73. Procore Technologies, Inc. has a 12 month low of $45.02 and a 12 month high of $82.32. The firm’s 50 day simple moving average is $52.00 and its 200-day simple moving average is $60.15. 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 (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 EPS. Analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current year.

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.