Synovus Financial Corp Boosts Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Synovus Financial Corp increased its position in Procore Technologies, Inc. (NYSE:PCOR) by 24.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,465 shares of the company’s stock after purchasing an additional 1,262 shares during the period. Synovus Financial Corp’s holdings in Procore Technologies were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in Procore Technologies by 237.8% in the 3rd quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock worth $1,082,000 after buying an additional 12,346 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Procore Technologies during the 3rd quarter valued at about $227,000. Coldstream Capital Management Inc. bought a new stake in shares of Procore Technologies in the third quarter worth approximately $235,000. Geode Capital Management LLC raised its holdings in shares of Procore Technologies by 10.9% during the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock valued at $105,967,000 after purchasing an additional 168,769 shares during the last quarter. Finally, Bullseye Asset Management LLC lifted its position in Procore Technologies by 50.0% during the third quarter. Bullseye Asset Management LLC now owns 14,993 shares of the company’s stock valued at $925,000 after purchasing an additional 5,000 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of recent research reports. TD Cowen boosted their price target on Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Piper Sandler boosted their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Stifel Nicolaus increased their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday. Robert W. Baird lifted their price target on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group upped their price objective on Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $84.24.

Procore Technologies Stock Performance

NYSE PCOR opened at $75.75 on Thursday. The stock has a fifty day simple moving average of $71.89 and a 200-day simple moving average of $65.49. 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 $11.26 billion, a PE ratio of -151.50 and a beta of 0.82. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $86.67.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Equities analysts anticipate that Procore Technologies, Inc. will post -0.23 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, insider Steven Scott Davis sold 9,671 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $65.00, for a total transaction of $628,615.00. Following the transaction, the insider now directly owns 192,137 shares of the company’s stock, valued at approximately $12,488,905. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Connor Kevin J. O sold 33,332 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the transaction, the director now directly owns 1,282,648 shares in the company, valued at approximately $105,087,350.64. This represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 141,193 shares of company stock valued at $10,364,826 over the last quarter. 29.00% of the stock is owned by insiders.

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.