Nan Fung Group Holdings Ltd Acquires Shares of 53,299 Procore Technologies, Inc. $PCOR

Key Points

• Nan Fung Group Holdings bought 53,299 shares of Procore Technologies in Q4, worth about $3.9 million, making PCOR its 9th-largest holding and roughly 3.5% of its portfolio.
• Procore’s latest earnings showed revenue growth of 15.7% to $359.3 million, but EPS of $0.34 missed analyst expectations by $0.02. The company also remains unprofitable on a net margin basis.
• Despite recent volatility, analysts remain broadly positive: Procore has a Moderate Buy consensus with an average target price of $72.56, although some firms trimmed their price targets.

Nan Fung Group Holdings Ltd acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 53,299 shares of the company's stock, valued at approximately $3,877,000. Procore Technologies makes up about 3.5% of Nan Fung Group Holdings Ltd's investment portfolio, making the stock its 9th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock valued at $957,150,000 after purchasing an additional 804,920 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock valued at $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP lifted its holdings in Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock valued at $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company's stock valued at $249,416,000 after purchasing an additional 127,256 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock valued at $248,066,000 after purchasing an additional 1,486,153 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Up 0.4%

Shares of PCOR opened at $42.37 on Friday. Procore Technologies, Inc. has a 52-week low of $40.74 and a 52-week high of $82.32. The company has a market capitalization of $6.39 billion, a PE ratio of -83.07 and a beta of 0.73. The stock has a fifty day simple moving average of $50.99 and a two-hundred day simple moving average of $59.46. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm's revenue was up 15.7% compared to the same quarter last year. During the same period last year, the business earned $0.23 earnings per share. As a group, equities analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on PCOR. BTIG Research restated a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, May 6th. UBS Group cut their target price on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a research note on Wednesday, May 6th. TD Cowen cut their target price on Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Wall Street Zen downgraded Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Citizens Jmp raised 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 note on Wednesday, April 29th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $72.56.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 3,942 shares of the firm'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 completion of the sale, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the firm's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the sale, the director directly owned 990,983 shares of the company's stock, valued at $50,609,501.81. The trade was a 0.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 178,077 shares of company stock valued at $8,564,311. 16.80% of the stock is currently owned by 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.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.