AIA Group Ltd Invests $1.48 Million in Procore Technologies, Inc. $PCOR

AIA Group Ltd purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 20,269 shares of the company’s stock, valued at approximately $1,478,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in Procore Technologies during the fourth quarter worth about $511,000. Goldman Sachs Group Inc. raised its position in shares of Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after buying an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after acquiring an additional 52,507 shares during the period. Creative Planning increased its stake in Procore Technologies by 5.5% during the second quarter. Creative Planning now owns 11,775 shares of the company’s stock worth $806,000 after acquiring an additional 610 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its position in Procore Technologies by 11.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,005,564 shares of the company’s stock valued at $68,801,000 after purchasing an additional 105,022 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 814 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.99, for a total value of $59,413.86. Following the transaction, the chief financial officer directly owned 178,237 shares in the company, valued at $13,009,518.63. This trade represents a 0.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the transaction, the director directly owned 1,012,136 shares in the company, 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. Over the last quarter, insiders sold 95,437 shares of company stock valued at $5,428,784. Corporate insiders own 21.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCOR. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. DA Davidson reduced their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Finally, BTIG Research reissued a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Wednesday, March 11th. Seventeen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.05.

Procore Technologies Stock Down 1.0%

Shares of NYSE:PCOR opened at $58.17 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $8.73 billion, a P/E ratio of -86.81 and a beta of 0.90. Procore Technologies, Inc. has a 52-week low of $46.08 and a 52-week high of $82.32. The stock’s fifty day simple moving average is $57.89 and its 200-day simple moving average is $67.96.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 EPS. As a group, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.