Geode Capital Management LLC Acquires 91,204 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Geode Capital Management increased its Procore Technologies stake by 4.3% in the fourth quarter, buying 91,204 additional shares and bringing its total to 2.21 million shares valued at about $160.9 million.
• Several other institutional investors also adjusted positions in PCOR, while institutional ownership remains high at 81.10% of the company.
• Analysts remain generally positive but have trimmed price targets; Procore recently reported Q1 earnings of $0.34 per share, missing estimates, though revenue rose 15.7% year over year to $359.28 million.

Geode Capital Management LLC boosted its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,211,144 shares of the company's stock after acquiring an additional 91,204 shares during the quarter. Geode Capital Management LLC owned 1.42% of Procore Technologies worth $160,872,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PCOR. Brighton Jones LLC bought a new stake in Procore Technologies in the fourth quarter valued at about $511,000. Goldman Sachs Group Inc. increased its stake in Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock valued at $48,392,000 after acquiring an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock valued at $23,156,000 after acquiring an additional 52,507 shares during the period. Prudential Financial Inc. increased its stake in Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock valued at $471,000 after acquiring an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock valued at $500,000 after acquiring an additional 269 shares during the period. Institutional investors own 81.10% of the company's stock.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $51.06, for a total transaction of $2,865,589.32. Following the sale, the chairman directly owned 927,580 shares of the company's stock, valued at approximately $47,362,234.80. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 185,768 shares of company stock valued at $9,683,136. 16.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of analyst reports. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. UBS Group lowered their target price on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. TD Cowen lowered their target price on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. Finally, KeyCorp lowered their target price on shares of Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Fifteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and a consensus target price of $72.56.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $50.65 on Thursday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $7.64 billion, a price-to-earnings ratio of -99.32 and a beta of 0.73. Procore Technologies, Inc. has a 1-year low of $45.02 and a 1-year high of $82.32. The firm's 50-day moving average price is $52.47 and its two-hundred day moving average price is $60.67.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies's quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 earnings per share. On average, equities analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Procore Technologies Company 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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