CIBC Asset Management Inc Increases Stake in Procore Technologies, Inc. (NYSE:PCOR)

CIBC Asset Management Inc boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 5.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,438 shares of the company’s stock after buying an additional 234 shares during the quarter. CIBC Asset Management Inc’s holdings in Procore Technologies were worth $333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creative Planning purchased a new position in Procore Technologies in the third quarter valued at $234,000. Raymond James & Associates boosted its position in shares of Procore Technologies by 3.0% during the 3rd quarter. Raymond James & Associates now owns 47,982 shares of the company’s stock worth $2,961,000 after acquiring an additional 1,386 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after acquiring an additional 789 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Procore Technologies by 120.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 8,279 shares of the company’s stock worth $511,000 after acquiring an additional 4,531 shares in the last quarter. Finally, Vanderbilt University purchased a new stake in Procore Technologies during the third quarter worth approximately $2,924,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 33,332 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total transaction of $2,730,890.76. Following the sale, the director now owns 1,282,648 shares in the company, valued at $105,087,350.64. This trade represents a 2.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin C. Singer sold 6,937 shares of Procore Technologies stock in a transaction on Friday, February 21st. The shares were sold at an average price of $83.60, for a total value of $579,933.20. Following the completion of the sale, the insider now directly owns 72,110 shares of the company’s stock, valued at approximately $6,028,396. This represents a 8.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,311 shares of company stock worth $7,720,903. 29.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PCOR. JPMorgan Chase & Co. lifted their target price on Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Scotiabank lifted their price target on Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 22nd. Piper Sandler increased their price objective on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Barclays lifted their target price on shares of Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Finally, BMO Capital Markets increased their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $89.94.

Procore Technologies Stock Performance

NYSE PCOR opened at $82.28 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of -114.27 and a beta of 0.84. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The business has a fifty day moving average of $78.09 and a 200-day moving average of $69.61.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The firm had revenue of $302.05 million during 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%. As a group, analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal 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.