Deutsche Bank AG bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,817,424 shares of the company's stock, valued at approximately $114,444,000. Deutsche Bank AG owned 1.85% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. grew its stake in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies during the third quarter valued at approximately $34,000. Allworth Financial LP lifted its position in Procore Technologies by 48.2% during the fourth 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. Global Retirement Partners LLC purchased a new stake in Procore Technologies in the second quarter worth approximately $52,000. Finally, Employees Retirement System of Texas purchased a new stake in Procore Technologies in the fourth quarter worth approximately $54,000. Hedge funds and other institutional investors own 81.10% of the company's stock.
Insider Buying and Selling
In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at $52,524,295.44. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the transaction, the senior vice president directly owned 104,981 shares in the company, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 222,699 shares of company stock valued at $10,988,945. Company insiders own 16.80% of the company's stock.
Procore Technologies Trading Up 5.1%
Shares of NYSE PCOR opened at $62.95 on Thursday. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of -242.12 and a beta of 0.70. The firm has a 50 day moving average of $47.34 and a 200 day moving average of $51.05.
Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company's quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the firm earned $0.35 earnings per share. Sell-side analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts have commented on PCOR shares. Citizens Jmp raised shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. Barclays increased their price target on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. UBS Group raised their price target on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, BTIG Research reiterated a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $70.44.
Read Our Latest Analysis on Procore Technologies
Procore Technologies Profile
(
Free Report)
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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