Brown Advisory Inc. Acquires 6,038 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Brown Advisory Inc. grew its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 87.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,943 shares of the company's stock after purchasing an additional 6,038 shares during the period. Brown Advisory Inc.'s holdings in Procore Technologies were worth $854,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Interchange Capital Partners LLC purchased a new stake in shares of Procore Technologies in the first quarter worth approximately $239,000. Principal Financial Group Inc. increased its stake in Procore Technologies by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after buying an additional 82,311 shares during the period. Teacher Retirement System of Texas lifted its position in Procore Technologies by 89.5% in the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock worth $1,318,000 after buying an additional 9,428 shares in the last quarter. Peregrine Capital Management LLC lifted its position in Procore Technologies by 1.9% in the 1st quarter. Peregrine Capital Management LLC now owns 545,683 shares of the company's stock worth $36,026,000 after buying an additional 9,984 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Procore Technologies by 4.2% during the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after buying an additional 295 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity

In related news, insider Benjamin C. Singer sold 4,500 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider directly owned 97,557 shares in the company, valued at $7,316,775. The trade was a 4.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Howard Fu sold 796 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $66.88, for a total value of $53,236.48. Following the completion of the transaction, the chief financial officer directly owned 198,271 shares of the company's stock, valued at approximately $13,260,364.48. This trade represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 671,723 shares of company stock worth $43,802,902 over the last 90 days. Company insiders own 29.00% of the company's stock.

Analysts Set New Price Targets

PCOR has been the topic of a number of research reports. UBS Group dropped their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. DA Davidson raised Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. Piper Sandler reduced their price target on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. BMO Capital Markets lowered their price target on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Finally, KeyCorp cut their price objective on shares of Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.39.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded up $1.26 during trading hours on Thursday, hitting $73.25. 1,453,562 shares of the stock were exchanged, compared to its average volume of 1,661,614. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The company's 50 day moving average is $68.68 and its 200 day moving average is $70.45. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The firm has a market capitalization of $10.93 billion, a P/E ratio of -85.17 and a beta of 0.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. The firm had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The business's revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. On average, research analysts expect that Procore Technologies, Inc. will post -0.15 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.