Nisa Investment Advisors LLC Purchases 36,304 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Nisa Investment Advisors increased its Procore Technologies position by 117,109.7% in the third quarter, purchasing 36,304 shares and bringing its holdings to 36,335 shares valued at approximately $1.88 million. Institutional investors collectively own 81.1% of PCOR.
• Analyst sentiment remains positive overall, with Procore receiving a consensus “Moderate Buy” rating and an average price target of $69.75. Recent actions included Barclays raising its target to $62, while Jefferies cut its target to $75 but maintained a “Buy” rating.
• PCOR shares opened at $63.05, near their 50-day and 200-day moving averages of $56.56 and $51.44, respectively. The company recently exceeded quarterly earnings and revenue expectations, reporting $0.47 EPS and $375.21 million in revenue, up 15.8% year over year.

Nisa Investment Advisors LLC increased its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 117,109.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,335 shares of the company's stock after purchasing an additional 36,304 shares during the period. Nisa Investment Advisors LLC's holdings in Procore Technologies were worth $1,879,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. boosted its holdings in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of Procore Technologies in the 2nd quarter worth about $40,000. Global Retirement Partners LLC bought a new position in shares of Procore Technologies in the 2nd quarter worth about $52,000. Root Financial Partners LLC increased its stake in shares of Procore Technologies by 11,150.0% in the 1st quarter. Root Financial Partners LLC now owns 1,125 shares of the company's stock worth $64,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Procore Technologies by 50.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock worth $64,000 after acquiring an additional 529 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Buying and Selling

In other Procore Technologies news, SVP William Fleming, Jr. sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the transaction, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the transaction, the chairman owned 908,316 shares in the company, valued at $51,038,276.04. This represents a 5.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 222,271 shares of company stock worth $12,450,532 in the last three months. 16.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PCOR has been the subject of a number of recent research reports. Barclays lifted their price target on shares of Procore Technologies from $60.00 to $62.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Zacks Research downgraded shares of Procore Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, July 21st. Guggenheim initiated coverage on Procore Technologies in a research report on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target on the stock. Finally, BTIG Research restated a "buy" rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $69.75.

Procore Technologies Trading Up 0.1%

Shares of PCOR opened at $63.05 on Monday. The company has a market cap of $9.58 billion, a price-to-earnings ratio of -242.48 and a beta of 0.78. The business's fifty day simple moving average is $56.56 and its two-hundred day simple moving average is $51.44. 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 posted 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 firm had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The company's revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, research analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company's technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore's products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.

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