Bank of Nova Scotia Invests $19.30 Million in Procore Technologies, Inc. $PCOR

Key Points

• Bank of Nova Scotia acquired 475,009 Procore Technologies shares during the second quarter, worth approximately $19.3 million and representing about 0.31% of the company. Institutional investors collectively own 81.1% of Procore’s stock.
• Procore reported quarterly revenue of $375.2 million, up 15.8% year over year, and adjusted earnings of $0.47 per share, exceeding analysts’ expectations of $0.42.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $70.44, although several firms recently lowered their targets. Procore shares opened at $63.30, while insiders have sold more than 224,000 shares worth $11.1 million over the past 90 days.

Bank of Nova Scotia bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 475,009 shares of the company's stock, valued at approximately $19,295,000. Bank of Nova Scotia owned approximately 0.31% of Procore Technologies at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock worth $957,150,000 after acquiring an additional 804,920 shares during the period. BlackRock Inc. acquired a new stake in shares of Procore Technologies in the second quarter valued at about $300,345,000. Wasatch Advisors LP grew its position in shares of Procore Technologies by 6.8% in the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock valued at $362,560,000 after purchasing an additional 315,604 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company's stock worth $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company's stock worth $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Trading Down 0.3%

Shares of NYSE PCOR opened at $63.30 on Monday. The stock has a market cap of $9.62 billion, a P/E ratio of -243.46 and a beta of 0.70. The business's fifty day simple moving average is $48.18 and its 200-day simple moving average is $51.15. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. TD Cowen decreased their price target on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, July 28th. Wall Street Zen lowered Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Jefferies Financial Group reduced their target price on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a research report on Wednesday, April 29th. Finally, Piper Sandler lowered their price target on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $70.44.

Insider Activity

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the sale, the chairman owned 919,704 shares of the company's stock, valued at $41,515,438.56. This trade represents a 5.75% 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. In the last 90 days, insiders have sold 224,199 shares of company stock valued at $11,083,445. Corporate insiders own 16.80% of the company's stock.

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. 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.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source