Vanguard Group Inc. Raises Stake in Procore Technologies, Inc. (NYSE:PCOR)

Vanguard Group Inc. raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 7.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,900,337 shares of the company’s stock after buying an additional 838,925 shares during the quarter. Vanguard Group Inc. owned about 0.08% of Procore Technologies worth $891,692,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PCOR. Charles Schwab Investment Management Inc. boosted its position in shares of Procore Technologies by 16.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 682,303 shares of the company’s stock valued at $42,112,000 after acquiring an additional 97,117 shares during the period. Cerity Partners LLC boosted its holdings in Procore Technologies by 58.9% in the 3rd quarter. Cerity Partners LLC now owns 53,509 shares of the company’s stock valued at $3,303,000 after purchasing an additional 19,838 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Procore Technologies by 8.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company’s stock valued at $1,958,000 after purchasing an additional 2,538 shares during the period. FMR LLC grew its position in shares of Procore Technologies by 4.6% during the 3rd quarter. FMR LLC now owns 17,939 shares of the company’s stock valued at $1,107,000 after purchasing an additional 797 shares in the last quarter. Finally, Townsquare Capital LLC increased its holdings in shares of Procore Technologies by 6.6% in the third quarter. Townsquare Capital LLC now owns 12,882 shares of the company’s stock worth $795,000 after purchasing an additional 793 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PCOR. Piper Sandler boosted their target price on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Macquarie cut their price objective on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Mizuho upped their price objective on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Jefferies Financial Group upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating and lifted their target price for the company from $80.00 to $100.00 in a research report on Monday, January 6th. Finally, JMP Securities increased their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a report on Tuesday, February 18th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.24.

Insider Transactions at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 1,190 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.00, for a total value of $79,730.00. Following the sale, the chief financial officer now owns 146,160 shares of the company’s stock, valued at $9,792,720. This trade represents a 0.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin C. Singer sold 1,500 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total transaction of $117,000.00. Following the transaction, the insider now directly owns 83,039 shares of the company’s stock, valued at approximately $6,477,042. This trade represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,604 shares of company stock worth $5,427,468. Insiders own 29.00% of the company’s stock.

Procore Technologies Stock Down 3.7 %

Shares of NYSE:PCOR opened at $66.74 on Friday. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock’s 50-day moving average price is $75.77 and its 200-day moving average price is $71.94. The stock has a market capitalization of $10.01 billion, a P/E ratio of -92.70 and a beta of 0.85.

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

Procore Technologies 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.