Truist Financial Corp Increases Holdings in Procore Technologies, Inc. $PCOR

Truist Financial Corp boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 22.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,432 shares of the company’s stock after buying an additional 14,450 shares during the period. Truist Financial Corp’s holdings in Procore Technologies were worth $5,646,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Global Retirement Partners LLC lifted its stake in Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after acquiring an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the third quarter worth $34,000. First Horizon Corp acquired a new position in Procore Technologies during the third quarter valued at $49,000. TD Private Client Wealth LLC lifted its position in Procore Technologies by 2,648.3% during the third quarter. TD Private Client Wealth LLC now owns 797 shares of the company’s stock valued at $58,000 after purchasing an additional 768 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Procore Technologies in the second quarter valued at $68,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

PCOR has been the subject of a number of recent research reports. Robert W. Baird lifted their price objective on Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. KeyCorp lifted their price target on Procore Technologies from $81.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $82.00 to $90.00 in a report on Monday, January 5th. UBS Group dropped their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.16.

Insider Buying and Selling at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $71.91, for a total transaction of $21,573,000.00. Following the completion of the transaction, the chairman owned 677,796 shares in the company, valued at $48,740,310.36. This represents a 30.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J.G. Griffith sold 207,474 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the transaction, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. This represents a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 690,703 shares of company stock valued at $50,266,998. Insiders own 21.50% of the company’s stock.

Procore Technologies Stock Down 10.1%

Shares of PCOR opened at $50.88 on Wednesday. The firm has a market cap of $7.91 billion, a P/E ratio of -60.57 and a beta of 0.89. Procore Technologies, Inc. has a 12 month low of $50.47 and a 12 month high of $88.92. The stock’s 50 day moving average is $71.07 and its two-hundred day moving average is $71.09. 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 released its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. The firm had revenue of $338.85 million for 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 firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 EPS. Analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Procore Technologies Company 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.