Sumitomo Mitsui Trust Group Inc. Buys Shares of 3,596 Procore Technologies, Inc. (NYSE:PCOR)

Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,596 shares of the company’s stock, valued at approximately $237,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Covestor Ltd boosted its position in shares of Procore Technologies by 15.1% in the fourth quarter. Covestor Ltd now owns 1,571 shares of the company’s stock worth $118,000 after purchasing an additional 206 shares during the period. Two Sigma Investments LP boosted its position in shares of Procore Technologies by 5.3% in the fourth quarter. Two Sigma Investments LP now owns 4,181 shares of the company’s stock worth $313,000 after purchasing an additional 210 shares during the period. Park Avenue Securities LLC boosted its position in shares of Procore Technologies by 1.7% in the first quarter. Park Avenue Securities LLC now owns 12,934 shares of the company’s stock worth $854,000 after purchasing an additional 221 shares during the period. OneDigital Investment Advisors LLC boosted its position in shares of Procore Technologies by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company’s stock worth $407,000 after purchasing an additional 225 shares during the period. Finally, Procyon Advisors LLC boosted its position in shares of Procore Technologies by 8.6% in the first quarter. Procyon Advisors LLC now owns 3,514 shares of the company’s stock worth $232,000 after purchasing an additional 278 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Trading Up 2.7%

PCOR stock opened at $72.24 on Monday. The company has a market capitalization of $10.78 billion, a PE ratio of -84.00 and a beta of 0.89. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. The firm’s 50-day moving average is $67.43 and its 200 day moving average is $70.65. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.23 EPS 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 net margin of 10.73% and a negative return on equity of 6.54%. The firm’s revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 EPS. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Kathryn Bueker sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total transaction of $507,010.00. Following the transaction, the director owned 16,932 shares of the company’s stock, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the transaction, the insider directly owned 3,137,255 shares in the company, valued at $203,168,633.80. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 660,412 shares of company stock worth $42,834,653. 29.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of research reports. 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. UBS Group dropped their target price on shares of Procore Technologies from $110.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Arete began coverage on shares of Procore Technologies in a research report on Monday, June 16th. They set a “buy” rating and a $91.00 price objective for the company. Piper Sandler lowered their price objective 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, BMO Capital Markets lowered their price objective on shares of Procore Technologies from $95.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.83.

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.