Vanguard Group Inc. Has $637.17 Million Position in Procore Technologies, Inc. (NYSE:PCOR)

Vanguard Group Inc. grew its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 7.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,204,957 shares of the company’s stock after purchasing an additional 666,287 shares during the quarter. Vanguard Group Inc. owned approximately 6.35% of Procore Technologies worth $637,167,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new stake in Procore Technologies during the 4th quarter worth approximately $68,005,000. Artisan Partners Limited Partnership lifted its holdings in shares of Procore Technologies by 81.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock worth $45,200,000 after purchasing an additional 293,613 shares during the period. Eventide Asset Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter worth $3,302,000. GW&K Investment Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter worth $52,130,000. Finally, Versor Investments LP acquired a new stake in Procore Technologies in the fourth quarter valued at $464,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $81.30, for a total value of $5,528,400.00. Following the transaction, the chief executive officer now owns 531,399 shares in the company, valued at $43,202,738.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $81.30, for a total value of $5,528,400.00. Following the completion of the sale, the chief executive officer now owns 531,399 shares in the company, valued at approximately $43,202,738.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,483 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total transaction of $1,577,632.11. Following the completion of the sale, the chief executive officer now owns 866,718 shares of the company’s stock, valued at approximately $60,817,602.06. The disclosure for this sale can be found here. In the last quarter, insiders have sold 302,576 shares of company stock valued at $21,709,095. 29.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PCOR shares. Piper Sandler reduced their price target on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Canaccord Genuity Group decreased their target price on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price target on shares of Procore Technologies from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Finally, Barclays lowered their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $80.94.

Procore Technologies Price Performance

Shares of PCOR opened at $64.41 on Monday. The business’s fifty day moving average is $68.18 and its 200 day moving average is $71.30. Procore Technologies, Inc. has a 12-month low of $48.11 and a 12-month high of $83.35. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The stock has a market cap of $9.42 billion, a P/E ratio of -67.09 and a beta of 0.76.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. The firm had revenue of $269.43 million for the quarter, compared to analyst estimates of $263.13 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.35 earnings per share for the current fiscal 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.