Fifth Third Bancorp Boosts Stake in Procore Technologies, Inc. (NYSE:PCOR)

Fifth Third Bancorp raised its position in Procore Technologies, Inc. (NYSE:PCOR) by 5.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,977 shares of the company’s stock after purchasing an additional 329 shares during the quarter. Fifth Third Bancorp’s holdings in Procore Technologies were worth $395,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in Procore Technologies by 41.8% in the 1st quarter. SG Americas Securities LLC now owns 14,914 shares of the company’s stock worth $985,000 after acquiring an additional 4,399 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company’s stock valued at $82,000 after purchasing an additional 497 shares in the last quarter. Portside Wealth Group LLC boosted its stake in shares of Procore Technologies by 17.2% during the first quarter. Portside Wealth Group LLC now owns 3,530 shares of the company’s stock valued at $233,000 after purchasing an additional 517 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Procore Technologies by 1.7% during the first quarter. Park Avenue Securities LLC now owns 12,934 shares of the company’s stock valued at $854,000 after purchasing an additional 221 shares in the last quarter. Finally, Procyon Advisors LLC boosted its stake in shares of Procore Technologies by 8.6% during the first quarter. Procyon Advisors LLC now owns 3,514 shares of the company’s stock valued at $232,000 after purchasing an additional 278 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 1,447 shares of the firm’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $68.79, for a total transaction of $99,539.13. Following the sale, the chief financial officer now directly owns 144,713 shares in the company, valued at $9,954,807.27. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin C. Singer sold 4,203 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $68.91, for a total value of $289,628.73. Following the sale, the insider now owns 102,057 shares in the company, valued at $7,032,747.87. This trade represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 653,371 shares of company stock valued at $42,378,360. Company insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR opened at $66.76 on Wednesday. The business’s 50-day moving average is $65.28 and its two-hundred day moving average is $71.82. The company has a market capitalization of $9.96 billion, a P/E ratio of -77.63 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last announced 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 company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm earned $0.30 EPS. Research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. UBS Group dropped their price objective on shares of Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. KeyCorp dropped their price objective on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. JMP Securities increased their price objective on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research note on Tuesday, February 18th. Scotiabank dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a research note on Thursday, April 24th. Finally, Macquarie lowered 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 note on Thursday, March 13th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.83.

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.