Amalgamated Bank Increases Position in Procore Technologies, Inc. (NYSE:PCOR)

Amalgamated Bank boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,374 shares of the company’s stock after acquiring an additional 295 shares during the period. Amalgamated Bank’s holdings in Procore Technologies were worth $487,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PCOR. Vanguard Group Inc. grew its stake in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after buying an additional 838,925 shares during the period. Capital World Investors grew its stake in shares of Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after buying an additional 2,555,612 shares during the period. Janus Henderson Group PLC grew its stake in shares of Procore Technologies by 14.0% in the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock valued at $196,873,000 after buying an additional 322,367 shares during the period. FIL Ltd grew its stake in shares of Procore Technologies by 4.0% in the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company’s stock valued at $162,746,000 after buying an additional 84,216 shares during the period. Finally, Wasatch Advisors LP grew its stake in shares of Procore Technologies by 28.8% in the 4th quarter. Wasatch Advisors LP now owns 2,036,632 shares of the company’s stock valued at $152,605,000 after buying an additional 455,314 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the sale, the insider directly owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Howard Fu sold 796 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $66.88, for a total transaction of $53,236.48. Following the completion of the sale, the chief financial officer owned 198,271 shares in the company, valued at $13,260,364.48. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 652,712 shares of company stock worth $42,398,294. 29.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PCOR has been the subject of several analyst reports. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research note on Tuesday, May 13th. Stifel Nicolaus lowered their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Jefferies Financial Group lowered their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Arete initiated 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. Finally, Barclays increased their price objective 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. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.83.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $72.96 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The stock has a market capitalization of $10.88 billion, a PE ratio of -84.84 and a beta of 0.89. The firm has a 50 day moving average of $68.13 and a two-hundred day moving average of $70.62.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The company had revenue of $310.63 million during the quarter, compared to analysts’ expectations of $302.66 million. During the same quarter last year, the company posted $0.30 EPS. The firm’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

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.