Federated Hermes Inc. Sells 85,257 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Federated Hermes Inc. decreased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 27.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 229,641 shares of the company’s stock after selling 85,257 shares during the period. Federated Hermes Inc. owned approximately 0.16% of Procore Technologies worth $15,896,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after acquiring an additional 995,757 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Procore Technologies by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock worth $309,926,000 after purchasing an additional 114,649 shares during the last quarter. Cadian Capital Management LP lifted its holdings in shares of Procore Technologies by 9.1% in the third quarter. Cadian Capital Management LP now owns 3,026,123 shares of the company’s stock valued at $197,666,000 after purchasing an additional 253,000 shares in the last quarter. Invesco Ltd. boosted its position in shares of Procore Technologies by 32.8% during the third quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock valued at $156,654,000 after buying an additional 592,318 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after buying an additional 1,303,804 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Up 0.4 %

Shares of PCOR opened at $70.57 on Tuesday. Procore Technologies, Inc. has a 1 year low of $48.11 and a 1 year high of $83.35. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The stock’s fifty day moving average price is $77.07 and its two-hundred day moving average price is $68.85.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. The business had revenue of $260.04 million for the quarter, compared to analysts’ expectations of $248.20 million. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post -0.64 earnings per share for the current year.

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 6,041 shares of Procore Technologies stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total value of $446,429.90. Following the completion of the transaction, the senior vice president now directly owns 77,768 shares in the company, valued at approximately $5,747,055.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Benjamin C. Singer sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the transaction, the insider now directly owns 116,318 shares in the company, valued at $8,723,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 6,041 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total transaction of $446,429.90. Following the transaction, the senior vice president now directly owns 77,768 shares of the company’s stock, valued at approximately $5,747,055.20. The disclosure for this sale can be found here. Insiders have sold a total of 466,231 shares of company stock valued at $36,510,114 over the last quarter. Company insiders own 39.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler raised their price objective on Procore Technologies from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Stifel Nicolaus boosted their price target on shares of Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. KeyCorp increased their price objective on shares of Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. The Goldman Sachs Group boosted their target price on Procore Technologies from $74.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Finally, DA Davidson reaffirmed a “buy” rating and set a $95.00 price target on shares of Procore Technologies in a research report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $81.86.

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.