BlackRock Inc. bought a new stake in Procore Technologies, Inc. (NYSE:PCOR – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,394,012 shares of the company’s stock, valued at approximately $300,345,000.
Several other hedge funds have also modified their holdings of the stock. SJS Investment Consulting Inc. lifted its position in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the third quarter valued at approximately $34,000. Allworth Financial LP grew its position in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Procore Technologies during the second quarter valued at approximately $52,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $54,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on PCOR shares. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research note on Wednesday, April 29th. Barclays boosted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. BTIG Research restated a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Jefferies Financial Group dropped their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. Finally, BMO Capital Markets boosted their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.44.
Procore Technologies Trading Down 0.2%
PCOR stock opened at $60.51 on Thursday. The stock’s 50 day simple moving average is $49.35 and its 200 day simple moving average is $51.34. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32. The firm has a market cap of $9.20 billion, a P/E ratio of -232.73 and a beta of 0.70.
Procore Technologies (NYSE:PCOR – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.35 earnings per share. On average, research analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.
Insider Buying and Selling at Procore Technologies
In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at $41,515,438.56. This represents a 5.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 228,142 shares of company stock valued at $11,333,234. Corporate insiders own 16.80% 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.
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