Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Swiss National Bank

Swiss National Bank trimmed its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 201,600 shares of the company’s stock after selling 1,800 shares during the period. Swiss National Bank’s holdings in Procore Technologies were worth $13,310,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCOR. Capital World Investors increased its stake in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after acquiring an additional 2,555,612 shares during the last quarter. Principal Financial Group Inc. increased its position in Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company’s stock worth $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Procore Technologies by 14.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock valued at $196,873,000 after buying an additional 322,367 shares during the period. Westfield Capital Management Co. LP lifted its position in Procore Technologies by 7.2% during the first quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company’s stock valued at $124,067,000 after buying an additional 126,070 shares in the last quarter. Finally, Champlain Investment Partners LLC acquired a new position in Procore Technologies during the fourth quarter valued at approximately $105,747,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 1,390 shares of the firm’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $75.00, for a total value of $104,250.00. Following the transaction, the insider owned 96,167 shares of the company’s stock, valued at $7,212,525. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William J.G. Griffith sold 309,168 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the transaction, the director directly owned 1,893,458 shares of the company’s stock, valued at $122,620,340.08. This trade represents a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 656,755 shares of company stock worth $42,751,179. 21.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on PCOR. Arete started coverage on shares of Procore Technologies in a research note on Monday, June 16th. They issued a “buy” rating and a $91.00 target price on the stock. JMP Securities reissued a “market perform” rating and issued a $95.00 price objective on shares of Procore Technologies in a research report on Friday, August 1st. Stifel Nicolaus upped their target price on Procore Technologies from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. KeyCorp raised their target price on Procore Technologies from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Finally, UBS Group reduced their price target on Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.06.

Procore Technologies Stock Down 1.5%

NYSE:PCOR opened at $64.68 on Friday. The stock has a 50-day simple moving average of $69.01 and a 200 day simple moving average of $69.37. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92. The company has a market capitalization of $9.71 billion, a price-to-earnings ratio of -67.37 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The business’s revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Sell-side analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

About Procore Technologies

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.