Deutsche Bank AG Raises Stake in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Deutsche Bank AG increased its stake in Procore Technologies by 36.0%, owning 1,005,465 shares worth approximately $66.38 million as of the latest quarter.
• Procore Technologies reported $0.35 earnings per share for the most recent quarter, exceeding analysts' expectations of $0.24, with revenues rising 13.9% compared to the previous year.
• Institutional investors and hedge funds collectively own 81.10% of Procore Technologies' stock, indicating strong confidence from large investors in the company's future.

Deutsche Bank AG boosted its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 36.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,005,465 shares of the company's stock after buying an additional 266,091 shares during the period. Deutsche Bank AG owned 0.67% of Procore Technologies worth $66,381,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ancora Advisors LLC boosted its holdings in Procore Technologies by 10,625.0% in the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after acquiring an additional 850 shares during the last quarter. Versant Capital Management Inc raised its position in Procore Technologies by 174.2% in the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after purchasing an additional 636 shares during the period. GeoWealth Management LLC purchased a new position in Procore Technologies in the fourth quarter valued at about $78,000. Signaturefd LLC raised its position in Procore Technologies by 53.4% in the first quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after purchasing an additional 419 shares during the period. Finally, GAMMA Investing LLC raised its position in Procore Technologies by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after purchasing an additional 497 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JMP Securities restated a "market perform" rating and set a $95.00 target price on shares of Procore Technologies in a research note on Friday, August 1st. Mizuho raised their target price on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Robert W. Baird raised their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Barclays raised their target price on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Finally, Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 target price for the company. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $83.06.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 814 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $74.35, for a total transaction of $60,520.90. Following the completion of the sale, the chief financial officer directly owned 197,457 shares of the company's stock, valued at $14,680,927.95. This trade represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the sale, the director directly owned 1,154,097 shares of the company's stock, valued at approximately $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 656,755 shares of company stock worth $42,751,179 in the last quarter. Insiders own 21.50% of the company's stock.

Procore Technologies Trading Down 1.5%

Shares of NYSE PCOR traded down $1.01 during midday trading on Thursday, reaching $64.68. The stock had a trading volume of 1,205,724 shares, compared to its average volume of 1,471,896. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of -67.37 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The company's 50 day moving average price is $69.07 and its 200 day moving average price is $69.47.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. Procore Technologies's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current 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.