Canada Pension Plan Investment Board Invests $3.18 Million in Procore Technologies, Inc. $PCOR

Key Points

• Canada Pension Plan Investment Board acquired 78,200 Procore Technologies shares worth approximately $3.18 million, while institutional investors collectively own 81.1% of the company.
• Analysts maintain a generally positive view of PCOR, with a consensus “Moderate Buy” rating and an average price target of $70.44; several firms recently raised their targets.
• Procore exceeded quarterly expectations, reporting $0.47 in earnings per share and $375.2 million in revenue, up 15.8% year over year, though insiders sold 224,200 shares worth $11.1 million over the past three months.

Canada Pension Plan Investment Board bought a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 78,200 shares of the company's stock, valued at approximately $3,176,000. Canada Pension Plan Investment Board owned about 0.05% of Procore Technologies at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Argos Wealth Advisors LLC raised its holdings in shares of Procore Technologies by 3.9% during the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock valued at $294,000 after acquiring an additional 195 shares in the last quarter. Intellectus Partners LLC increased its position in Procore Technologies by 1.6% during the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock valued at $924,000 after purchasing an additional 200 shares during the period. Allworth Financial LP increased its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after purchasing an additional 204 shares during the period. Vident Advisory LLC raised its holdings in Procore Technologies by 6.0% in the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock worth $281,000 after purchasing an additional 219 shares in the last quarter. Finally, George Kaiser Family Foundation raised its holdings in Procore Technologies by 0.5% in the 4th quarter. George Kaiser Family Foundation now owns 52,306 shares of the company's stock worth $3,805,000 after purchasing an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PCOR. BMO Capital Markets lifted their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. UBS Group increased their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Jefferies Financial Group lowered their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Citigroup reaffirmed a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Finally, Guggenheim assumed coverage on Procore Technologies in a report on Thursday, July 23rd. They set a "buy" rating and a $68.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.44.

Insider Buying and Selling

In related news, Director Elisa Steele sold 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the transaction, the director owned 58,371 shares of the company's stock, valued at $3,677,373. This trade represents a 2.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Monday, August 10th. The shares were sold at an average price of $57.11, for a total value of $3,205,127.42. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at $52,524,295.44. The trade was a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 224,200 shares of company stock worth $11,136,134 over the last three months. Corporate insiders own 16.80% of the company's stock.

Procore Technologies Trading Up 0.1%

Shares of PCOR stock opened at $63.81 on Monday. The company's fifty day moving average price is $50.31 and its 200-day moving average price is $51.52. The stock has a market cap of $9.70 billion, a PE ratio of -245.42 and a beta of 0.70. 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 announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating 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 business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter last year, the firm earned $0.35 earnings per share. The business's revenue for the quarter was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

About Procore Technologies

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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