Capital Research Global Investors Has $8.99 Million Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Capital Research Global Investors reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 12.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 109,368 shares of the company’s stock after selling 16,232 shares during the quarter. Capital Research Global Investors owned about 0.07% of Procore Technologies worth $8,987,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. International Assets Investment Management LLC grew its stake in shares of Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after acquiring an additional 887 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $62,000. Advisors Asset Management Inc. boosted its stake in shares of Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after buying an additional 260 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its position in Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after buying an additional 297 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Procore Technologies by 29.3% in the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after acquiring an additional 300 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $70.31 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35. The firm’s fifty day moving average is $66.93 and its 200-day moving average is $71.46.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The firm had revenue of $269.43 million for the quarter, compared to analyst estimates of $263.13 million. Research analysts forecast that Procore Technologies, Inc. will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $69.48, for a total value of $356,293.44. Following the sale, the director now directly owns 1,448,159 shares of the company’s stock, valued at approximately $100,618,087.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the completion of the sale, the chief executive officer now directly owns 530,049 shares in the company, valued at $36,557,479.53. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $69.48, for a total value of $356,293.44. Following the transaction, the director now owns 1,448,159 shares in the company, valued at $100,618,087.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 309,511 shares of company stock worth $20,921,459. 29.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PCOR. BMO Capital Markets reiterated an “outperform” rating and set a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Barclays decreased their price objective on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Piper Sandler cut their target price on Procore Technologies from $77.00 to $74.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Macquarie initiated coverage on Procore Technologies in a research note on Wednesday, June 5th. They issued a “neutral” rating and a $70.00 price target on the stock. Finally, Canaccord Genuity Group dropped their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.

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.