Comerica Bank Boosts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Comerica Bank boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 87.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,316 shares of the company's stock after purchasing an additional 61,082 shares during the period. Comerica Bank owned about 0.09% of Procore Technologies worth $9,839,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 2,670,872 shares in the last quarter. Capital World Investors lifted its position in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP bought a new stake in Procore Technologies in the 4th quarter worth approximately $131,840,000. Assenagon Asset Management S.A. boosted its position in shares of 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 acquiring an additional 1,425,967 shares during the last quarter. Finally, Champlain Investment Partners LLC bought a new stake in Procore Technologies in the fourth quarter worth $105,747,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded up $2.21 on Thursday, hitting $66.68. 211,310 shares of the company were exchanged, compared to its average volume of 1,709,618. The stock's 50 day moving average price is $65.17 and its 200 day moving average price is $72.25. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $9.95 billion, a P/E ratio of -92.46 and a beta of 0.90. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The firm's quarterly revenue was up 15.3% on a year-over-year basis. Sell-side analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Activity at Procore Technologies

In other news, insider Benjamin C. Singer sold 6,937 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the sale, the insider now owns 72,110 shares of the company's stock, valued at $6,028,396. The trade was a 8.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at $17,480. This represents a 84.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,552 shares of company stock worth $4,545,903 in the last three months. Company insiders own 29.00% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on PCOR. Macquarie reduced their price objective on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. JMP Securities increased their price target on Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a report on Tuesday, February 18th. UBS Group dropped their price objective on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Canaccord Genuity Group increased their target price on shares of Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Barclays lifted their price target on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $80.24.

About Procore Technologies

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.