Raymond James Financial Inc. Acquires New Stake in Procore Technologies, Inc. (NYSE:PCOR)

Raymond James Financial Inc. acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 276,641 shares of the company’s stock, valued at approximately $20,729,000. Raymond James Financial Inc. owned approximately 0.19% of Procore Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. Principal Financial Group Inc. increased its position in Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Wasatch Advisors LP increased its position in Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after buying an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after buying an additional 1,425,967 shares in the last quarter. PointState Capital LP bought a new position in Procore Technologies during the 3rd quarter valued at approximately $81,306,000. Finally, Janus Henderson Group PLC increased its position in Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after buying an additional 1,297,151 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Insider Activity at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now directly owns 200 shares of the company’s stock, valued at $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total value of $696,000.00. Following the sale, the chief financial officer now directly owns 156,188 shares in the company, valued at approximately $13,588,356. This represents a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,657 shares of company stock worth $5,442,199. Corporate insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

NYSE PCOR opened at $68.28 on Monday. The company has a market capitalization of $10.24 billion, a PE ratio of -94.83 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The business’s fifty day moving average is $77.06 and its 200 day moving average is $71.23. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for the quarter, compared to analysts’ expectations of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. Sell-side analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PCOR shares. Scotiabank increased their target price on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. increased their target price on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Barclays increased their target price on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Jefferies Financial Group upgraded Procore Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $80.00 to $100.00 in a research note on Monday, January 6th. Finally, UBS Group increased their target price on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $90.24.

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.