Ethic Inc. Raises Holdings in Procore Technologies, Inc. $PCOR

Ethic Inc. increased its position in Procore Technologies, Inc. (NYSE:PCOR) by 60.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,104 shares of the company’s stock after buying an additional 2,670 shares during the quarter. Ethic Inc.’s holdings in Procore Technologies were worth $482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Xponance Inc. raised its position in Procore Technologies by 1.8% in the first quarter. Xponance Inc. now owns 14,864 shares of the company’s stock valued at $981,000 after purchasing an additional 263 shares during the period. TFB Advisors LLC raised its position in Procore Technologies by 8.1% in the first quarter. TFB Advisors LLC now owns 3,543 shares of the company’s stock valued at $234,000 after purchasing an additional 264 shares during the period. Amalgamated Bank raised its position in Procore Technologies by 4.2% in the first quarter. Amalgamated Bank now owns 7,374 shares of the company’s stock valued at $487,000 after purchasing an additional 295 shares during the period. Allen Investment Management LLC raised its position in Procore Technologies by 7.3% in the first quarter. Allen Investment Management LLC now owns 5,133 shares of the company’s stock valued at $339,000 after purchasing an additional 348 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock valued at $35,000 after purchasing an additional 385 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PCOR. KeyCorp lifted their target price on Procore Technologies from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Barclays lifted their target price on Procore Technologies from $72.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Monday, July 14th. Mizuho lifted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. JMP Securities reaffirmed a “market perform” rating and set a $95.00 target price on shares of Procore Technologies in a research report on Friday, August 1st. Finally, Citizens Jmp downgraded Procore Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, August 1st. Fifteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $83.11.

Insider Activity

In related news, insider Benjamin C. Singer sold 4,205 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.67, for a total value of $267,732.35. Following the completion of the transaction, the insider owned 86,366 shares of the company’s stock, valued at $5,498,923.22. This represents a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Howard Fu sold 814 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $72.34, for a total transaction of $58,884.76. Following the sale, the chief financial officer directly owned 187,847 shares of the company’s stock, valued at approximately $13,588,851.98. The trade was a 0.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,724 shares of company stock worth $2,122,519 in the last ninety days. Corporate insiders own 21.50% of the company’s stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $74.20 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock has a 50 day simple moving average of $71.08 and a 200-day simple moving average of $68.61. The company has a market cap of $11.14 billion, a PE ratio of -77.29 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $53.71 and a 12-month high of $88.92.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. The firm had revenue of $172.21 million for the quarter. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

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.