Fifth Third Bancorp Buys 93,755 Shares of Procore Technologies, Inc. $PCOR

Fifth Third Bancorp increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 1,969.2% in the first quarter, Holdings Channel.com reports. The firm owned 98,516 shares of the company’s stock after purchasing an additional 93,755 shares during the quarter. Fifth Third Bancorp’s holdings in Procore Technologies were worth $5,615,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. raised its stake in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the 3rd quarter worth approximately $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $41,000. Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the fourth 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 bought a new stake in shares of Procore Technologies in the fourth quarter worth $54,000. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PCOR shares. BTIG Research restated a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Piper Sandler cut their price target on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. The Goldman Sachs Group reduced their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, Barclays lowered their target price on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Fourteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $70.33.

Procore Technologies Trading Up 1.9%

Procore Technologies stock opened at $45.97 on Friday. The stock has a 50-day simple moving average of $44.91 and a 200 day simple moving average of $53.74. The stock has a market capitalization of $6.94 billion, a P/E ratio of -90.13 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, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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). 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 period in the previous year, the business earned $0.23 earnings per share. The business’s quarterly revenue was up 15.7% on a year-over-year basis. Analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at $40,375,005.60. This trade represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 189,621 shares of company stock worth $8,791,847. Company insiders own 16.80% of the company’s stock.

About Procore Technologies

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.