Federated Hermes Inc. Buys 44,105 Shares of Procore Technologies, Inc. $PCOR

Federated Hermes Inc. raised its stake in Procore Technologies, Inc. (NYSE:PCOR) by 17.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 304,219 shares of the company’s stock after acquiring an additional 44,105 shares during the quarter. Federated Hermes Inc. owned about 0.20% of Procore Technologies worth $20,815,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. US Bancorp DE increased its holdings in shares of Procore Technologies by 5.5% during the second quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after purchasing an additional 1,131 shares during the period. Fred Alger Management LLC grew its position in Procore Technologies by 15.4% during the first quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock worth $2,532,000 after buying an additional 5,129 shares in the last quarter. Intellectus Partners LLC increased its stake in Procore Technologies by 135.3% during the 2nd quarter. Intellectus Partners LLC now owns 12,305 shares of the company’s stock worth $842,000 after acquiring an additional 7,075 shares during the period. GC Wealth Management RIA LLC acquired a new position in Procore Technologies in the 2nd quarter valued at $513,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Procore Technologies by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock valued at $224,594,000 after acquiring an additional 23,038 shares during the period. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Canaccord Genuity Group raised their price target on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research note on Wednesday, October 8th. BMO Capital Markets boosted their target price on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Robert W. Baird increased their price target on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, William Blair reissued an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Thirteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.47.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $77.77 on Wednesday. Procore Technologies, Inc. has a one year low of $53.71 and a one year high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. The business’s 50 day simple moving average is $73.91 and its 200 day simple moving average is $70.76. The stock has a market capitalization of $12.09 billion, a PE ratio of -92.58 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The firm had revenue of $172.21 million during the quarter. As a group, research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 4,204 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $69.21, for a total transaction of $290,958.84. Following the transaction, the insider owned 75,676 shares in the company, valued at $5,237,535.96. The trade was a 5.26% 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, CFO Howard Fu sold 797 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $69.35, for a total transaction of $55,271.95. Following the transaction, the chief financial officer directly owned 179,847 shares in the company, valued at approximately $12,472,389.45. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 416,957 shares of company stock valued at $30,494,876 in the last 90 days. Company insiders own 21.50% of the company’s stock.

Procore Technologies 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.