Principal Financial Group Inc. Purchases 1,179 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Principal Financial Group Inc. grew its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 14.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,176 shares of the company’s stock after buying an additional 1,179 shares during the period. Principal Financial Group Inc.’s holdings in Procore Technologies were worth $608,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PCOR. Natixis Advisors L.P. increased its position in Procore Technologies by 30.3% during the fourth quarter. Natixis Advisors L.P. now owns 15,338 shares of the company’s stock worth $1,061,000 after acquiring an additional 3,566 shares during the period. Private Advisor Group LLC increased its holdings in shares of Procore Technologies by 14.7% during the fourth quarter. Private Advisor Group LLC now owns 5,015 shares of the company’s stock worth $347,000 after purchasing an additional 641 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Procore Technologies by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 546,102 shares of the company’s stock valued at $37,801,000 after buying an additional 21,172 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Procore Technologies by 13.1% in the fourth quarter. Teacher Retirement System of Texas now owns 10,795 shares of the company’s stock valued at $747,000 after buying an additional 1,254 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Procore Technologies by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 326,124 shares of the company’s stock worth $22,577,000 after buying an additional 46,646 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PCOR. Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $78.00 to $54.00 in a research report on Friday, August 2nd. BMO Capital Markets reduced their price objective on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JMP Securities cut their price target on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a report on Friday, August 2nd. Finally, KeyCorp decreased their price objective on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.31.

Procore Technologies Trading Up 1.6 %

PCOR opened at $58.00 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. Procore Technologies, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company’s 50 day moving average price is $61.15 and its two-hundred day moving average price is $68.12. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of -60.42 and a beta of 0.73.

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

Insider Buying and Selling

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $160,091.98. Following the transaction, the senior vice president now owns 79,156 shares in the company, valued at $4,681,285.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Howard Fu sold 7,922 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $468,507.08. Following the sale, the chief financial officer now directly owns 173,497 shares in the company, valued at approximately $10,260,612.58. The disclosure for this sale can be found here. Insiders have sold a total of 164,586 shares of company stock valued at $10,291,025 over the last ninety days. 29.00% of the stock is owned by company insiders.

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.