Nomura Asset Management Co. Ltd. Cuts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Nomura Asset Management Co. Ltd. decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 171,300 shares of the company's stock after selling 37,100 shares during the period. Nomura Asset Management Co. Ltd. owned about 0.12% of Procore Technologies worth $12,836,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank bought a new position in Procore Technologies in the fourth quarter worth approximately $86,387,000. Blair William & Co. IL lifted its holdings in shares of Procore Technologies by 43.9% in the 4th quarter. Blair William & Co. IL now owns 800,784 shares of the company's stock worth $60,003,000 after buying an additional 244,126 shares during the period. Loomis Sayles & Co. L P grew its position in shares of Procore Technologies by 45.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 614,660 shares of the company's stock worth $46,056,000 after buying an additional 191,546 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Procore Technologies by 20.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,766,675 shares of the company's stock worth $132,377,000 after buying an additional 304,396 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in shares of Procore Technologies by 16.1% during the fourth quarter. Artisan Partners Limited Partnership now owns 923,653 shares of the company's stock valued at $69,209,000 after buying an additional 127,783 shares during the period. 81.10% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

Several research analysts have issued reports on PCOR shares. Canaccord Genuity Group increased their target price on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a report on Friday, February 14th. UBS Group upped their price target on shares of Procore Technologies from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Barclays lifted their price objective on shares of Procore Technologies from $84.00 to $90.00 and gave the company an "equal weight" rating in a report on Friday, February 14th. Stifel Nicolaus upped their target price on Procore Technologies from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Wednesday, December 18th. Finally, Robert W. Baird increased their target price on Procore Technologies from $87.00 to $96.00 and gave the company an "outperform" rating in a research report on Thursday, December 12th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $89.65.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $73.62, for a total value of $377,523.36. Following the sale, the director now directly owns 1,264,700 shares of the company's stock, valued at approximately $93,107,214. This represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the transaction, the insider now owns 200 shares of the company's stock, valued at $17,480. The trade was a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,604 shares of company stock worth $5,427,468 over the last quarter. Insiders own 29.00% of the company's stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded up $1.33 during midday trading on Wednesday, reaching $68.96. The company had a trading volume of 1,155,717 shares, compared to its average volume of 1,699,428. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The business's 50-day simple moving average is $75.34 and its 200 day simple moving average is $72.32. 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 stock has a market cap of $10.34 billion, a P/E ratio of -95.78 and a beta of 0.85.

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

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.