853,043 Shares in Procore Technologies, Inc. $PCOR Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 853,043 Procore shares worth approximately $34.7 million, representing about 0.56% of the company. Institutional investors collectively own 81.1% of Procore.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $70.12 price target; recent upgrades included Zacks Research to “strong buy” and UBS raising its target to $75.
• Procore’s latest quarter exceeded expectations, with EPS of $0.47 versus $0.42 expected and revenue of $375.2 million, up 15.8% year over year. The stock opened at $50.89, down 1.5%, and remains below its 12-month high of $82.32.

Bank of America Corp DE bought a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 853,043 shares of the company's stock, valued at approximately $34,651,000. Bank of America Corp DE owned about 0.56% of Procore Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PCOR. SJS Investment Consulting Inc. raised its position in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after acquiring an additional 426 shares in the last quarter. Allworth Financial LP boosted its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Employees Retirement System of Texas acquired a new stake in shares of Procore Technologies during the 4th quarter worth approximately $54,000. Global Retirement Partners LLC grew its stake in shares of Procore Technologies by 116.2% during the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock worth $61,000 after purchasing an additional 453 shares during the period. Finally, Twin Tree Management LP purchased a new position in shares of Procore Technologies during the 2nd quarter valued at approximately $40,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insiders Place Their Bets

In related news, Director Elisa Steele sold 1,500 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the sale, the director owned 58,371 shares of the company's stock, valued at approximately $3,677,373. This represents a 2.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider owned 86,931 shares of the company's stock, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 220,348 shares of company stock valued at $11,591,165. Corporate insiders own 16.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Procore Technologies from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 3rd. Cantor Fitzgerald initiated coverage on shares of Procore Technologies in a research note on Tuesday, September 15th. They set an "overweight" rating and a $65.00 target price on the stock. UBS Group raised their target price on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research note on Monday, July 6th. Finally, Guggenheim started coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $70.12.

Procore Technologies Trading Down 1.5%

Shares of Procore Technologies stock opened at $50.89 on Wednesday. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The firm has a market capitalization of $7.73 billion, a PE ratio of -195.74 and a beta of 0.74. The firm's 50-day moving average price is $54.85 and its 200 day moving average price is $51.84.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.Procore Technologies's quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. On average, sell-side analysts predict that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Procore Technologies Profile

Procore Technologies, Inc NYSE: PCOR provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company's products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.