Norges Bank Buys New Holdings in Procore Technologies, Inc. $PCOR

Norges Bank bought a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the 4th quarter, Holdings Channel.com reports. The firm bought 1,137,466 shares of the company’s stock, valued at approximately $82,739,000.

Other hedge funds have also bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp lifted its stake in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the 4th quarter valued at about $41,000. Allworth Financial LP lifted its stake in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas acquired a new stake in Procore Technologies in the 4th quarter valued at about $54,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Down 4.0%

NYSE PCOR opened at $48.69 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 1-year low of $45.02 and a 1-year high of $82.32. The company has a 50 day moving average of $52.20 and a 200-day moving average of $60.41. The company has a market cap of $7.35 billion, a price-to-earnings ratio of -95.46 and a beta of 0.73.

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

Insider Activity

In other news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred 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 directly owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a filing 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, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $51.06, for a total transaction of $2,865,589.32. Following the completion of the sale, the chairman owned 927,580 shares of the company’s stock, valued at approximately $47,362,234.80. The trade was a 5.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 185,768 shares of company stock worth $9,683,136. Corporate insiders own 16.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PCOR. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Stifel Nicolaus cut their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 13th. TD Cowen cut their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research note on Wednesday, April 29th. Finally, BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.56.

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.