Principal Financial Group Inc. Sells 71,464 Shares of Procore Technologies, Inc. $PCOR

Principal Financial Group Inc. decreased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 2.1% during the first quarter, HoldingsChannel.com reports. The fund owned 3,357,361 shares of the company’s stock after selling 71,464 shares during the period. Principal Financial Group Inc.’s holdings in Procore Technologies were worth $191,372,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Wasatch Advisors LP lifted its holdings in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP grew its holdings in Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after purchasing an additional 1,486,153 shares during the last quarter. Norges Bank acquired a new position in Procore Technologies during the fourth quarter valued at approximately $82,739,000. Woodline Partners LP raised its position in shares of Procore Technologies by 173.1% in the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock valued at $130,542,000 after purchasing an additional 1,134,657 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Procore Technologies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after purchasing an additional 804,920 shares during the period. 81.10% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the sale, the director directly owned 967,901 shares in the company, valued at $40,584,088.93. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 189,621 shares of company stock worth $8,791,847 in the last ninety days. Insiders own 16.80% of the company’s stock.

Procore Technologies Stock Down 2.2%

PCOR opened at $43.07 on Wednesday. The business has a 50 day moving average of $45.42 and a 200-day moving average of $54.22. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of -84.45 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company’s revenue was up 15.7% compared to the same quarter last year. During the same period last year, the firm posted $0.23 EPS. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. BTIG Research reaffirmed a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, May 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Barclays cut their target price on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday. UBS Group decreased their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group lowered their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

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. 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.