Citizens Financial Group Inc. RI Acquires New Shares in Procore Technologies, Inc. (NYSE:PCOR)

Citizens Financial Group Inc. RI bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,664 shares of the company’s stock, valued at approximately $773,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Signaturefd LLC increased its position in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Procore Technologies during the second quarter worth $51,000. Advisors Asset Management Inc. lifted its stake in shares of Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after acquiring an additional 260 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after acquiring an additional 297 shares in the last quarter. Finally, Covestor Ltd grew its position in Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock worth $109,000 after acquiring an additional 300 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’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 value of $1,359,806.02. Following the completion of the sale, the chief executive officer now owns 793,123 shares of the company’s stock, valued at $46,905,294.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’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 $1,359,806.02. Following the transaction, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at $46,905,294.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the sale, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 164,586 shares of company stock valued at $10,291,025. 29.00% of the stock is owned by company insiders.

Procore Technologies Price Performance

Procore Technologies stock opened at $57.48 on Wednesday. The stock’s 50 day moving average price is $60.87 and its two-hundred day moving average price is $67.70. The stock has a market capitalization of $8.49 billion, a price-to-earnings ratio of -59.87 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The business 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%. The business’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period last year, the company posted ($0.28) earnings per share. On average, equities analysts predict that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the company. DA Davidson downgraded Procore Technologies from a “buy” rating to a “neutral” rating and dropped their target price for the company from $90.00 to $60.00 in a research report on Friday, August 2nd. Barclays downgraded shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $78.00 to $54.00 in a research report on Friday, August 2nd. Piper Sandler decreased their price target on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. KeyCorp dropped their price target on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $69.31.

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.