State Street Corp Boosts Holdings in Procore Technologies, Inc. (NYSE:PCOR)

State Street Corp boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 13.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,810,895 shares of the company’s stock after acquiring an additional 211,590 shares during the period. State Street Corp’s holdings in Procore Technologies were worth $111,768,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PCOR. XN LP boosted its stake in shares of Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after acquiring an additional 1,411,812 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after purchasing an additional 1,297,151 shares during the last quarter. Dragoneer Investment Group LLC grew its holdings in shares of Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after buying an additional 1,609,607 shares in the last quarter. Holocene Advisors LP raised its position in shares of Procore Technologies by 1.1% in the third quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock valued at $115,623,000 after buying an additional 21,234 shares during the last quarter. Finally, Wasatch Advisors LP lifted its stake in shares of Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after buying an additional 1,575,534 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $78.82 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The company’s fifty day simple moving average is $70.80 and its 200-day simple moving average is $65.26. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $86.67.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Steven Scott Davis sold 9,671 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $65.00, for a total transaction of $628,615.00. Following the completion of the sale, the insider now directly owns 192,137 shares in the company, valued at $12,488,905. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 6,410 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.26, for a total value of $520,876.60. Following the completion of the transaction, the director now owns 1,269,828 shares in the company, valued at approximately $103,186,223.28. This trade represents a 0.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 155,295 shares of company stock valued at $11,185,742. Corporate insiders own 29.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. UBS Group initiated coverage on Procore Technologies in a research report on Monday, December 2nd. They issued a “buy” rating and a $105.00 price objective for the company. Jefferies Financial Group increased their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. DA Davidson lifted their price target on Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Robert W. Baird increased their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $83.71.

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.