Vanguard Personalized Indexing Management LLC Acquires New Stake in Procore Technologies, Inc. (NYSE:PCOR)

Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 4,098 shares of the company’s stock, valued at approximately $257,000.

A number of other large investors also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its holdings in Procore Technologies by 55.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,174,940 shares of the company’s stock valued at $432,874,000 after acquiring an additional 3,275,404 shares during the period. Vanguard Group Inc. boosted its holdings in Procore Technologies by 20.4% during the 3rd quarter. Vanguard Group Inc. now owns 6,141,607 shares of the company’s stock valued at $303,886,000 after acquiring an additional 1,042,498 shares during the period. JPMorgan Chase & Co. boosted its holdings in Procore Technologies by 94.6% during the 4th quarter. JPMorgan Chase & Co. now owns 3,137,249 shares of the company’s stock valued at $148,017,000 after acquiring an additional 1,525,039 shares during the period. Morgan Stanley boosted its holdings in Procore Technologies by 2.9% during the 4th quarter. Morgan Stanley now owns 2,987,734 shares of the company’s stock valued at $140,961,000 after acquiring an additional 82,918 shares during the period. Finally, BlackRock Inc. boosted its holdings in Procore Technologies by 61.5% during the 3rd quarter. BlackRock Inc. now owns 2,574,359 shares of the company’s stock valued at $127,378,000 after acquiring an additional 980,125 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 0.7 %

Shares of NYSE:PCOR opened at $67.55 on Friday. The business’s 50-day moving average is $67.26 and its 200 day moving average is $62.46. Procore Technologies, Inc. has a 1 year low of $41.80 and a 1 year high of $76.86. The firm has a market capitalization of $9.62 billion, a P/E ratio of -36.51 and a beta of 0.65. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.53 and a quick ratio of 1.53.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, August 2nd. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.13. Procore Technologies had a negative return on equity of 18.16% and a negative net margin of 31.15%. The company had revenue of $228.54 million for the quarter, compared to analyst estimates of $217.69 million. On average, research analysts predict that Procore Technologies, Inc. will post -1.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PCOR shares. Stifel Nicolaus lowered their target price on Procore Technologies from $79.00 to $67.00 in a report on Thursday, May 4th. The Goldman Sachs Group upped their target price on Procore Technologies from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Loop Capital cut Procore Technologies from a “buy” rating to a “hold” rating and lowered their target price for the stock from $80.00 to $75.00 in a report on Thursday, August 3rd. Barclays upped their target price on Procore Technologies from $85.00 to $87.00 and gave the stock an “overweight” rating in a report on Thursday, August 3rd. Finally, Mizuho upped their target price on Procore Technologies from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $79.07.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $62.69, for a total transaction of $321,474.32. Following the transaction, the director now directly owns 1,635,341 shares of the company’s stock, valued at approximately $102,519,527.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP William Fred Fleming, Jr. sold 3,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $66.50, for a total value of $199,500.00. Following the transaction, the senior vice president now directly owns 86,361 shares of the company’s stock, valued at $5,743,006.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $62.69, for a total value of $321,474.32. Following the completion of the transaction, the director now directly owns 1,635,341 shares in the company, valued at $102,519,527.29. The disclosure for this sale can be found here. Insiders have sold 163,488 shares of company stock valued at $10,957,009 in the last ninety days. Corporate insiders own 39.20% of the company’s stock.

About Procore Technologies

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.