PNC Financial Services Group Inc. Grows Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

PNC Financial Services Group Inc. raised its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 21.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,020 shares of the company’s stock after buying an additional 3,037 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Procore Technologies were worth $1,275,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PCOR. Principal Financial Group Inc. raised its stake in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 27,239.5% in the third 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 during the period. Assenagon Asset Management S.A. increased its holdings in shares of Procore Technologies by 99.4% in the fourth 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 during the period. PointState Capital LP acquired a new position in shares of Procore Technologies in the third quarter valued at about $81,306,000. Finally, Janus Henderson Group PLC increased its holdings in shares of Procore Technologies by 128.7% in the third 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 during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Howard Fu sold 1,190 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.00, for a total value of $79,730.00. Following the transaction, the chief financial officer now owns 146,160 shares in the company, valued at $9,792,720. This trade represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,657 shares of company stock worth $5,442,199 over the last quarter. 29.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PCOR. Piper Sandler increased their price objective on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 14th. JPMorgan Chase & Co. increased their price objective on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Canaccord Genuity Group increased their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th. Mizuho increased their price objective on Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Finally, Jefferies Financial Group raised Procore Technologies from a “hold” rating to a “buy” rating and raised their target price for the stock from $80.00 to $100.00 in a report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $90.24.

Procore Technologies Stock Up 3.8 %

Shares of PCOR opened at $68.28 on Monday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. The stock’s 50 day moving average is $77.06 and its two-hundred day moving average is $71.23. The firm has a market cap of $10.24 billion, a P/E ratio of -94.83 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. 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.