Norges Bank Purchases New Stake in Procore Technologies, Inc. (NYSE:PCOR)

Norges Bank bought a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,152,902 shares of the company's stock, valued at approximately $86,387,000. Norges Bank owned 0.78% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc lifted its position in Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $27,000 after purchasing an additional 175 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock valued at $29,000 after buying an additional 147 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Procore Technologies by 37.8% in the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock valued at $44,000 after buying an additional 162 shares during the period. Hilltop National Bank purchased a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $53,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in Procore Technologies by 1,434.0% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company's stock worth $54,000 after acquiring an additional 674 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Procore Technologies Trading Up 1.2 %

PCOR traded up $0.68 during trading on Monday, hitting $58.00. 1,761,584 shares of the company's stock were exchanged, compared to its average volume of 1,715,082. The stock has a 50 day moving average price of $73.96 and a 200 day moving average price of $72.42. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market cap of $8.70 billion, a P/E ratio of -80.56 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. As a group, analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Monday, January 13th. The shares were sold at an average price of $73.62, for a total transaction of $377,523.36. Following the sale, the director now owns 1,264,700 shares of the company's stock, valued at $93,107,214. The trade was a 0.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 1,500 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $78.00, for a total transaction of $117,000.00. Following the completion of the transaction, the insider now owns 83,039 shares in the company, valued at $6,477,042. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,604 shares of company stock worth $5,427,468. 29.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on PCOR. KeyCorp raised their target price on Procore Technologies from $85.00 to $96.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Robert W. Baird raised their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the company an "outperform" rating in a research note on Thursday, December 12th. Jefferies Financial Group lowered their target price on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus lifted their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. boosted their price target on Procore Technologies from $85.00 to $92.00 and gave the stock an "overweight" rating in a research note on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.65.

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.