KLP Kapitalforvaltning AS Acquires New Stake in Procore Technologies, Inc. (NYSE:PCOR)

KLP Kapitalforvaltning AS acquired a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 21,000 shares of the company's stock, valued at approximately $1,574,000.

Other large investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Procore Technologies by 16.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 682,303 shares of the company's stock valued at $42,112,000 after buying an additional 97,117 shares in the last quarter. Cerity Partners LLC grew its position in Procore Technologies by 58.9% in the third quarter. Cerity Partners LLC now owns 53,509 shares of the company's stock valued at $3,303,000 after acquiring an additional 19,838 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Procore Technologies by 8.7% during the third quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company's stock valued at $1,958,000 after purchasing an additional 2,538 shares during the period. FMR LLC lifted its position in shares of Procore Technologies by 4.6% during the third quarter. FMR LLC now owns 17,939 shares of the company's stock worth $1,107,000 after purchasing an additional 797 shares in the last quarter. Finally, Townsquare Capital LLC boosted its stake in shares of Procore Technologies by 6.6% in the third quarter. Townsquare Capital LLC now owns 12,882 shares of the company's stock valued at $795,000 after purchasing an additional 793 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group cut their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Monday. Barclays boosted their price target on Procore Technologies from $84.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Friday, February 14th. Stifel Nicolaus raised their price objective on Procore Technologies from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, December 18th. UBS Group upped their target price on Procore Technologies from $105.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Macquarie decreased their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $89.65.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded up $1.33 during trading on Wednesday, hitting $68.96. 1,155,717 shares of the company traded hands, compared to its average volume of 1,702,607. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The business's fifty day moving average is $75.13 and its 200-day moving average is $72.30. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of -95.78 and a beta of 0.85. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92.

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

Insider Buying and Selling

In other Procore Technologies news, CFO Howard Fu sold 8,000 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the transaction, the chief financial officer now owns 156,188 shares in the company, valued at approximately $13,588,356. The trade was a 4.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $82.92, for a total value of $995,040.00. Following the transaction, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. This trade represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,604 shares of company stock valued at $5,427,468 in the last quarter. Company insiders own 29.00% 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.