Robeco Institutional Asset Management B.V. Boosts Holdings in Procore Technologies, Inc. $PCOR

Robeco Institutional Asset Management B.V. lifted its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 75.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 47,109 shares of the company’s stock after acquiring an additional 20,269 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Procore Technologies were worth $3,435,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Wasatch Advisors LP raised its position in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after buying an additional 1,750,998 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Procore Technologies by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock worth $224,594,000 after buying an additional 23,038 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of Procore Technologies by 73.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock valued at $154,590,000 after acquiring an additional 955,450 shares during the last quarter. Finally, State Street Corp boosted its holdings in Procore Technologies by 3.1% during the 2nd quarter. State Street Corp now owns 1,935,851 shares of the company’s stock valued at $132,451,000 after acquiring an additional 58,242 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Activity

In related news, Director Connor Kevin J. O sold 36,196 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $78.06, for a total value of $2,825,459.76. Following the sale, the director directly owned 1,071,749 shares of the company’s stock, valued at $83,660,726.94. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total value of $21,573,000.00. Following the completion of the transaction, the chairman owned 677,796 shares of the company’s stock, valued at approximately $48,740,310.36. This trade represents a 30.68% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 691,517 shares of company stock worth $50,373,958. Company insiders own 21.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on PCOR shares. KeyCorp boosted their price objective on Procore Technologies from $81.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research note on Wednesday, October 8th. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research report on Friday, November 7th. Canaccord Genuity Group boosted their price objective on shares of Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Finally, BMO Capital Markets upped their price objective on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $85.11.

Procore Technologies Stock Down 0.4%

Shares of NYSE PCOR opened at $73.49 on Friday. The firm has a fifty day simple moving average of $74.50 and a two-hundred day simple moving average of $71.89. Procore Technologies, Inc. has a 12 month low of $53.71 and a 12 month high of $88.92. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $11.43 billion, a PE ratio of -87.48 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last announced its quarterly 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 company had revenue of $172.21 million for the quarter. Equities analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.