Geode Capital Management LLC Has $160.87 Million Stake in Procore Technologies, Inc. $PCOR

Geode Capital Management LLC lifted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 4.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,211,144 shares of the company’s stock after buying an additional 91,204 shares during the period. Geode Capital Management LLC’s holdings in Procore Technologies were worth $160,872,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Jones Financial Companies Lllp lifted its position in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares in the last quarter. Intellectus Partners LLC lifted its position in shares of Procore Technologies by 1.6% during the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock worth $912,000 after purchasing an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of Procore Technologies by 1.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock worth $1,068,000 after purchasing an additional 202 shares in the last quarter. Allworth Financial LP lifted its position in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in shares of Procore Technologies by 33.6% during the fourth quarter. TD Private Client Wealth LLC now owns 1,065 shares of the company’s stock worth $77,000 after purchasing an additional 268 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman owned 927,580 shares of the company’s stock, valued at approximately $47,362,234.80. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares of the company’s stock, valued at $4,836,150. The trade was a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 185,768 shares of company stock valued at $9,683,136. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Trading Down 3.9%

Shares of NYSE PCOR opened at $50.65 on Thursday. Procore Technologies, Inc. has a fifty-two week low of $45.02 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $7.64 billion, a P/E ratio of -99.32 and a beta of 0.73. The company’s 50 day simple moving average is $52.47 and its 200 day simple moving average is $60.67.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same period in the previous year, the company posted $0.23 EPS. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PCOR shares. The Goldman Sachs Group cut their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Piper Sandler cut their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. DA Davidson cut their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Stifel Nicolaus cut their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.56.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.