CIBC Bancorp USA Inc. Makes New $18.96 Million Investment in Procore Technologies, Inc. $PCOR

CIBC Bancorp USA Inc. bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 260,035 shares of the company’s stock, valued at approximately $18,962,000. CIBC Bancorp USA Inc. owned 0.17% of Procore Technologies as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Procore Technologies by 6.2% during the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock valued at $900,823,000 after buying an additional 718,663 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP boosted its position in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after acquiring an additional 315,604 shares during the period. Assenagon Asset Management S.A. boosted its position in Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after acquiring an additional 1,750,998 shares during the period. Finally, Wellington Management Group LLP grew its stake in Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after acquiring an additional 1,486,153 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

PCOR has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. BMO Capital Markets lowered their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Piper Sandler cut their target price on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Finally, Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $77.05.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares of the company’s stock, valued at approximately $3,233,000. The trade was a 6.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 9,615 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total transaction of $523,825.20. Following the completion of the sale, the director owned 1,012,136 shares of the company’s stock, valued at $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 95,437 shares of company stock worth $5,428,784 over the last quarter. Company insiders own 21.50% of the company’s stock.

Procore Technologies Trading Up 0.1%

Shares of NYSE PCOR opened at $58.79 on Friday. The business has a 50 day simple moving average of $58.20 and a 200 day simple moving average of $68.04. Procore Technologies, Inc. has a 52 week low of $46.08 and a 52 week high of $82.32. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of -87.75 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 earnings per share. On average, research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share 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. 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.