Victory Capital Management Inc. Increases Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Victory Capital Management Inc. boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 31.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,688 shares of the company’s stock after acquiring an additional 19,791 shares during the period. Victory Capital Management Inc.’s holdings in Procore Technologies were worth $6,196,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PCOR. Principal Financial Group Inc. lifted its position in Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after acquiring an additional 2,670,872 shares during the last quarter. Wasatch Advisors LP increased its stake in Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after purchasing an additional 1,425,967 shares in the last quarter. PointState Capital LP acquired a new position in Procore Technologies during the 3rd quarter valued at approximately $81,306,000. Finally, Janus Henderson Group PLC increased its stake in Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after purchasing an additional 1,297,151 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PCOR shares. Mizuho increased their price objective on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Piper Sandler increased their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. JMP Securities increased their price objective on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 18th. Finally, Macquarie cut their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.24.

Insider Buying and Selling at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now owns 200 shares in the company, valued at approximately $17,480. This represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 8,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total value of $696,000.00. Following the sale, the chief financial officer now owns 156,188 shares in the company, valued at $13,588,356. The trade was a 4.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,657 shares of company stock worth $5,442,199. Insiders own 29.00% of the company’s stock.

Procore Technologies Stock Performance

PCOR opened at $68.28 on Friday. The stock has a 50-day moving average of $77.06 and a 200-day moving average of $71.08. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The company has a market cap of $10.24 billion, a PE ratio of -94.83 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). The firm had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. As a group, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.