Verition Fund Management LLC Buys New Shares in Procore Technologies, Inc. (NASDAQ:PCOR)

Verition Fund Management LLC bought a new stake in shares of Procore Technologies, Inc. (NASDAQ:PCOR – Get Rating) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 5,700 shares of the company’s stock, valued at approximately $282,000.

Several other large investors have also recently bought and sold shares of PCOR. Bank of New York Mellon Corp raised its stake in Procore Technologies by 311.8% during the 1st quarter. Bank of New York Mellon Corp now owns 487,908 shares of the company’s stock valued at $28,280,000 after purchasing an additional 369,427 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Procore Technologies by 33.1% in the 1st quarter. HighTower Advisors LLC now owns 15,927 shares of the company’s stock valued at $924,000 after buying an additional 3,959 shares in the last quarter. Citigroup Inc. raised its stake in shares of Procore Technologies by 41.9% in the 1st quarter. Citigroup Inc. now owns 8,019 shares of the company’s stock valued at $465,000 after buying an additional 2,367 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of Procore Technologies in the 1st quarter valued at $31,000. Finally, Bank of Montreal Can acquired a new position in shares of Procore Technologies in the 1st quarter valued at $2,460,000. 82.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PCOR shares. Loop Capital started coverage on shares of Procore Technologies in a research note on Thursday, December 22nd. They issued a “buy” rating and a $70.00 price objective for the company. JMP Securities increased their price objective on shares of Procore Technologies from $70.00 to $75.00 in a research note on Friday, February 17th. Piper Sandler increased their price objective on shares of Procore Technologies from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, February 17th. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $77.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, February 17th. Finally, Mizuho upped their target price on shares of Procore Technologies from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, February 17th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.67.

Procore Technologies Stock Performance

Shares of NASDAQ:PCOR opened at $64.47 on Thursday. Procore Technologies, Inc. has a 12 month low of $40.00 and a 12 month high of $68.56. The company’s 50-day moving average price is $57.27 and its two-hundred day moving average price is $53.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 1.50.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 586 shares of the stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $52.49, for a total transaction of $30,759.14. Following the sale, the senior vice president now owns 64,989 shares of the company’s stock, valued at approximately $3,411,272.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP William Fred Fleming, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $67.08, for a total value of $268,320.00. Following the transaction, the senior vice president now owns 59,870 shares of the company’s stock, valued at approximately $4,016,079.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William Fred Fleming, Jr. sold 586 shares of the firm’s stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $52.49, for a total transaction of $30,759.14. Following the completion of the transaction, the senior vice president now directly owns 64,989 shares in the company, valued at approximately $3,411,272.61. The disclosure for this sale can be found here. Insiders have sold a total of 153,541 shares of company stock valued at $9,104,126 in the last 90 days. 40.00% of the stock is currently owned by insiders.

About Procore Technologies

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Procore Technologies, Inc provides 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Management, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.