Procore Technologies, Inc. (NYSE:PCOR) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 19.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 630,545 shares of the company’s stock after purchasing an additional 104,179 shares during the period. Federated Hermes Inc. owned approximately 0.43% of Procore Technologies worth $41,811,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PCOR. Meritage Group LP purchased a new stake in Procore Technologies during the first quarter worth $106,738,000. William Blair Investment Management LLC purchased a new stake in shares of Procore Technologies during the 1st quarter worth about $91,158,000. Norges Bank acquired a new stake in shares of Procore Technologies during the 4th quarter valued at about $68,005,000. Robeco Schweiz AG purchased a new position in shares of Procore Technologies in the 4th quarter valued at about $60,914,000. Finally, Westfield Capital Management Co. LP purchased a new position in Procore Technologies during the fourth quarter worth approximately $60,295,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction on Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the sale, the insider now owns 108,705 shares in the company, valued at $7,188,661.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $66.13, for a total value of $132,260.00. Following the sale, the insider now directly owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the transaction, the senior vice president now owns 79,156 shares in the company, valued at $4,681,285.84. The disclosure for this sale can be found here. Insiders sold 164,586 shares of company stock worth $10,291,025 in the last 90 days. Insiders own 29.00% of the company’s stock.

Procore Technologies Stock Up 1.6 %

Shares of PCOR opened at $58.00 on Friday. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $61.15 and a two-hundred day simple moving average of $68.05. The company has a market capitalization of $8.57 billion, a PE ratio of -60.42 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.14. The firm had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. Procore Technologies’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the business earned ($0.28) earnings per share. As a group, equities analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Analysts Set New Price Targets

PCOR has been the subject of several research analyst reports. Macquarie reaffirmed a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. JMP Securities reduced their price objective on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. TD Cowen assumed coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They set a “buy” rating and a $85.00 price target for the company. Finally, Piper Sandler lowered their price objective on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $69.31.

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.