Victory Capital Management Inc. Raises Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Victory Capital Management Inc. boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 255.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,465 shares of the company’s stock after purchasing an additional 43,466 shares during the quarter. Victory Capital Management Inc.’s holdings in Procore Technologies were worth $4,009,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PCOR. Private Advisor Group LLC boosted its position in Procore Technologies by 14.7% during the fourth quarter. Private Advisor Group LLC now owns 5,015 shares of the company’s stock worth $347,000 after purchasing an additional 641 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Procore Technologies by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 546,102 shares of the company’s stock valued at $37,801,000 after acquiring an additional 21,172 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Procore Technologies by 13.1% during the fourth quarter. Teacher Retirement System of Texas now owns 10,795 shares of the company’s stock valued at $747,000 after acquiring an additional 1,254 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Procore Technologies by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 326,124 shares of the company’s stock valued at $22,577,000 after acquiring an additional 46,646 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Procore Technologies during the fourth quarter valued at approximately $242,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

PCOR stock opened at $58.13 on Tuesday. The business has a fifty day moving average of $61.01 and a two-hundred day moving average of $67.85. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of -60.55 and a beta of 0.73. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.25 by $0.14. The business had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The company’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period last year, the business posted ($0.28) earnings per share. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the transaction, the insider now directly owns 106,705 shares in the company, valued at $7,469,350. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of Procore Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the sale, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the insider now directly owns 106,705 shares of the company’s stock, valued at $7,469,350. The disclosure for this sale can be found here. Over the last three months, insiders sold 164,586 shares of company stock worth $10,291,025. Company insiders own 29.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PCOR has been the subject of a number of research analyst reports. Mizuho reissued a “neutral” rating and set a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. TD Cowen initiated coverage on Procore Technologies in a report on Wednesday, June 12th. They set a “buy” rating and a $85.00 target price for the company. Stifel Nicolaus reduced their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, August 2nd. BMO Capital Markets cut their price target on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. cut their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average target price of $69.31.

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.