Temasek Holdings Private Ltd Purchases New Shares in Procore Technologies, Inc. $PCOR

Temasek Holdings Private Ltd purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 66,627 shares of the company’s stock, valued at approximately $4,846,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares during the last quarter. Alliancebernstein L.P. boosted its position in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP boosted its position in Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after buying an additional 315,604 shares during the last quarter. Principal Financial Group Inc. boosted its position in Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after buying an additional 127,256 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after buying an additional 1,486,153 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $42.40 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $6.40 billion, a PE ratio of -83.13 and a beta of 0.73. The stock has a 50-day moving average of $50.67 and a 200-day moving average of $59.15. Procore Technologies, Inc. has a one year low of $40.74 and a one year high of $82.32.

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

Analyst Ratings Changes

A number of brokerages have commented on PCOR. UBS Group decreased their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Piper Sandler decreased their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. BTIG Research reiterated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. TD Cowen decreased their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Finally, Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a research report on Wednesday, April 29th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.33.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction dated 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 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 legal filing with the SEC, 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 5,769 shares of Procore Technologies stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the transaction, the director owned 990,983 shares in the company, valued at approximately $50,609,501.81. This represents a 0.58% 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 have sold 178,077 shares of company stock worth $8,564,311. Corporate insiders own 16.80% of the company’s stock.

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.