California Public Employees Retirement System Has $9.86 Million Stock Holdings in Procore Technologies, Inc. $PCOR

California Public Employees Retirement System boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 11.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 172,932 shares of the company’s stock after buying an additional 18,184 shares during the period. California Public Employees Retirement System owned about 0.11% of Procore Technologies worth $9,857,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Blue Owl Capital Holdings LP purchased a new stake in shares of Procore Technologies in the fourth quarter valued at $6,857,000. Robinhood Asset Management LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at $7,136,000. PNC Financial Services Group Inc. grew its holdings in shares of Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after buying an additional 23,555 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings in shares of Procore Technologies by 23.3% during the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock valued at $30,960,000 after buying an additional 102,574 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in Procore Technologies during the first quarter valued at $3,181,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Trading Up 4.2%

Shares of NYSE PCOR opened at $42.80 on Friday. The business has a 50 day simple moving average of $44.49 and a 200 day simple moving average of $52.71. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of -83.93 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.23 earnings per share. On average, research analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of research reports. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Guggenheim started coverage on Procore Technologies in a report on Thursday. They issued a “buy” rating and a $68.00 target price on the stock. Barclays reduced their price target on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. The Goldman Sachs Group lowered their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $70.47.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the sale, the director owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by corporate insiders.

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. 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.