California State Teachers Retirement System Grows Stock Holdings in Procore Technologies, Inc. $PCOR

Key Points

• California State Teachers Retirement System increased its Procore Technologies stake by 26% in the first quarter, adding 27,962 shares to own 135,398 shares worth approximately $7.7 million. Institutional investors collectively own 81.1% of the company.
• Procore reported quarterly revenue of $375.2 million, up 15.8% year over year, and adjusted earnings of $0.47 per share, exceeding analyst estimates of $0.42. The stock opened at $55.80, while analysts maintain a “Moderate Buy” consensus and an average price target of $70.44.
• Company insiders sold 189,621 shares valued at approximately $8.8 million over the past three months, though the reported transactions were conducted under pre-arranged Rule 10b5-1 trading plans.

California State Teachers Retirement System lifted its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 26.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 135,398 shares of the company's stock after purchasing an additional 27,962 shares during the period. California State Teachers Retirement System owned 0.09% of Procore Technologies worth $7,718,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC bought a new position in Procore Technologies during the 4th quarter worth about $511,000. Goldman Sachs Group Inc. lifted its position in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock worth $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 worth $23,156,000 after purchasing an additional 52,507 shares during the period. Prudential Financial Inc. boosted its stake in shares of Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock valued at $471,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock valued at $500,000 after purchasing an additional 269 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Stock Up 1.0%

Shares of NYSE PCOR opened at $55.80 on Wednesday. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The business's 50 day moving average price is $45.19 and its 200 day moving average price is $51.52. The firm has a market cap of $8.48 billion, a P/E ratio of -214.60 and a beta of 0.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last released 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 firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The business's quarterly revenue was up 15.8% compared to the same quarter last year. As a group, research analysts expect that Procore Technologies, Inc. will post 0.05 earnings per share for the current year.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent analyst reports. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. Jefferies Financial Group decreased their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, July 21st. UBS Group raised their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Guggenheim started coverage on shares of Procore Technologies in a report on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target on the stock. Finally, Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. One 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $70.44.

Insider Activity

In other news, Director Connor Kevin J. O sold 5,775 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the sale, the director directly owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The transaction 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, insider Benjamin C. Singer sold 3,942 shares of the company's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares of the company's stock, valued at approximately $4,836,150. This trade represents a 3.92% 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. Insiders sold a total of 189,621 shares of company stock valued at $8,791,847 in the last three months. 16.80% of the stock is currently owned by corporate insiders.

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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