21,203 Shares in Procore Technologies, Inc. $PCOR Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems acquired 21,203 shares of Procore Technologies, valued at approximately $1.45 million, during the second quarter.
• Procore Technologies reported a quarterly loss of ($0.19) earnings per share, with revenue of $172.21 million and a net margin of -11.58%.
• Analysts have set varying price targets, with a consensus average target of $83.11, reflecting optimism about the stock's performance despite a current negative P/E ratio of -75.63.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 21,203 shares of the company's stock, valued at approximately $1,451,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PCOR. Brighton Jones LLC bought a new position in Procore Technologies in the 4th quarter worth approximately $511,000. GAMMA Investing LLC boosted its holdings in Procore Technologies by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after buying an additional 497 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Procore Technologies by 8.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock worth $508,000 after buying an additional 613 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in Procore Technologies by 22.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 85,774 shares of the company's stock worth $5,663,000 after buying an additional 15,805 shares during the period. Finally, Lecap Asset Management Ltd. purchased a new stake in Procore Technologies in the 1st quarter worth approximately $418,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

Procore Technologies stock opened at $72.60 on Thursday. The firm's fifty day moving average price is $70.37 and its 200-day moving average price is $68.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market cap of $10.90 billion, a P/E ratio of -75.63 and a beta of 0.90. Procore Technologies, Inc. has a fifty-two week low of $53.71 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. The company had revenue of $172.21 million for the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Howard Fu sold 796 shares of the firm's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $71.02, for a total transaction of $56,531.92. Following the sale, the chief financial officer owned 188,661 shares in the company, valued at approximately $13,398,704.22. This trade represents a 0.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin C. Singer sold 1,036 shares of the stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total transaction of $77,700.00. Following the transaction, the insider directly owned 85,330 shares in the company, valued at approximately $6,399,750. This represents a 1.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,910 shares of company stock worth $2,063,634. 21.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on PCOR shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Procore Technologies in a research note on Wednesday, October 8th. Berenberg Bank started coverage on shares of Procore Technologies in a research note on Friday, October 3rd. They issued a "buy" rating and a $84.00 target price on the stock. JMP Securities reiterated a "market perform" rating and issued a $95.00 target price on shares of Procore Technologies in a research note on Friday, August 1st. Mizuho increased their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Finally, Barclays increased their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell 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 $83.11.

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.

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