Handelsbanken Fonder AB Buys 31,600 Shares of Procore Technologies, Inc. $PCOR

Handelsbanken Fonder AB increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 145.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 53,400 shares of the company’s stock after buying an additional 31,600 shares during the quarter. Handelsbanken Fonder AB’s holdings in Procore Technologies were worth $2,169,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. Brighton Jones LLC bought a new stake in Procore Technologies in the fourth quarter worth $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Procore Technologies by 17.6% during 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 valued at $23,156,000 after acquiring an additional 52,507 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after purchasing an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after purchasing an additional 269 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

PCOR has been the topic of several recent analyst reports. The Goldman Sachs Group cut their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. TD Cowen decreased their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Barclays upped their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.44.

Procore Technologies Price Performance

Procore Technologies stock opened at $59.65 on Monday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The business’s fifty day moving average is $46.45 and its 200 day moving average is $51.06. The stock has a market capitalization of $9.06 billion, a PE ratio of -229.40 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.Procore Technologies’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 EPS. As a group, sell-side analysts expect that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 15,386 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the transaction, the director owned 946,746 shares in the company, valued at $52,004,757.78. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. This represents a 8.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 222,699 shares of company stock valued at $10,988,945 over the last ninety days. Company insiders own 16.80% of the company’s stock.

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.