New York State Common Retirement Fund Increases Position in Procore Technologies, Inc. $PCOR

New York State Common Retirement Fund raised its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 499,628 shares of the company’s stock after purchasing an additional 27,421 shares during the quarter. New York State Common Retirement Fund’s holdings in Procore Technologies were worth $36,433,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Wasatch Advisors LP boosted its position in Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after buying an additional 1,717,492 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after acquiring an additional 1,750,998 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Procore Technologies by 0.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock valued at $224,594,000 after acquiring an additional 23,038 shares during the last quarter. Champlain Investment Partners LLC increased its stake in shares of Procore Technologies by 73.3% in the second quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock worth $154,590,000 after acquiring an additional 955,450 shares during the period. Finally, State Street Corp increased its stake in shares of Procore Technologies by 3.1% in the second quarter. State Street Corp now owns 1,935,851 shares of the company’s stock worth $132,451,000 after acquiring an additional 58,242 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Price Performance

NYSE:PCOR opened at $56.47 on Friday. The stock has a 50 day moving average of $71.84 and a two-hundred day moving average of $71.37. Procore Technologies, Inc. has a 12 month low of $53.71 and a 12 month high of $88.92. The firm has a market cap of $8.78 billion, a P/E ratio of -67.23 and a beta of 0.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. The business had revenue of $338.85 million during the quarter, compared to analysts’ expectations of $328.13 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 earnings per share. On average, analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCOR has been the topic of several recent research reports. Piper Sandler upped their price target on shares of Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Robert W. Baird upped their target price on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Canaccord Genuity Group raised their target price on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. KeyCorp boosted their price target on Procore Technologies from $81.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, William Blair restated an “outperform” rating on shares of Procore Technologies in a research report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.11.

Insider Activity at Procore Technologies

In related news, Director William J.G. Griffith sold 207,474 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the sale, the director directly owned 3,244,546 shares of the company’s stock, valued at approximately $234,580,675.80. This trade represents a 6.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 22,000 shares of Procore Technologies stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $78.77, for a total transaction of $1,732,940.00. Following the sale, the senior vice president owned 63,309 shares of the company’s stock, valued at approximately $4,986,849.93. This represents a 25.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 690,703 shares of company stock valued at $50,266,998 over the last ninety days. Corporate insiders own 21.50% of the company’s stock.

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.