Nan Fung Group Holdings Ltd Invests $2.17 Million in Procore Technologies, Inc. $PCOR

Nan Fung Group Holdings Ltd acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 53,299 shares of the company's stock, valued at approximately $2,165,005. Procore Technologies comprises about 0.0% of Nan Fung Group Holdings Ltd's holdings, making the stock its 17th largest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCOR. Brighton Jones LLC acquired a new stake in Procore Technologies during the 4th quarter worth $511,000. Goldman Sachs Group Inc. boosted its position in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock valued at $48,392,000 after acquiring an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock valued at $23,156,000 after acquiring an additional 52,507 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after buying an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after acquiring an additional 269 shares during the period. Institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of recent research reports. The Goldman Sachs Group reduced their price target on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Wall Street Zen downgraded Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Piper Sandler reduced their price target on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Finally, BMO Capital Markets lifted their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $70.44.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 15,386 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total value of $845,152.98. Following the completion of the transaction, the director owned 946,746 shares in the company, valued at $52,004,757.78. This trade represents a 1.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 224,200 shares of company stock worth $11,136,134 over the last ninety days. Insiders own 16.80% of the company's stock.

Procore Technologies Stock Performance

PCOR remained flat at $63.70 on Friday. The company had a trading volume of 775,229 shares, compared to its average volume of 2,825,819. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The company's 50-day moving average is $49.83 and its two-hundred day moving average is $51.43. The firm has a market cap of $9.68 billion, a P/E ratio of -245.00 and a beta of 0.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. During the same period in the prior year, the business posted $0.35 earnings per share. The firm's revenue for the quarter was up 15.8% on a year-over-year basis. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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