Mercer Global Advisors Inc. ADV Acquires New Shares in Procore Technologies, Inc. (NYSE:PCOR)

Mercer Global Advisors Inc. ADV acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 3,641 shares of the company’s stock, valued at approximately $273,000.

A number of other hedge funds have also bought and sold shares of the business. Chicago Partners Investment Group LLC grew its position in shares of Procore Technologies by 0.8% during the 4th quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company’s stock valued at $1,199,000 after purchasing an additional 129 shares in the last quarter. Parkside Financial Bank & Trust grew its position in shares of Procore Technologies by 61.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 147 shares in the last quarter. V Square Quantitative Management LLC grew its position in shares of Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares in the last quarter. Covestor Ltd grew its position in shares of Procore Technologies by 15.1% during the 4th quarter. Covestor Ltd now owns 1,571 shares of the company’s stock valued at $118,000 after purchasing an additional 206 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in shares of Procore Technologies by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company’s stock valued at $407,000 after purchasing an additional 225 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares of the company’s stock, valued at $17,480. This represents a 84.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 8,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the transaction, the chief financial officer now directly owns 156,188 shares of the company’s stock, valued at approximately $13,588,356. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,142 shares of company stock valued at $4,626,417. Insiders own 29.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Macquarie cut their target price on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Jefferies Financial Group cut their target price on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. JMP Securities upped their target price on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a research report on Tuesday, February 18th. Piper Sandler cut their target price on shares of Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Finally, Barclays upped their target price on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.24.

Procore Technologies Stock Performance

Procore Technologies stock opened at $71.48 on Friday. 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 company has a market capitalization of $10.66 billion, a PE ratio of -99.28 and a beta of 0.90. The firm has a fifty day simple moving average of $64.77 and a two-hundred day simple moving average of $72.56. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 earnings per share. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

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.