Nomura Holdings Inc. Makes New Investment in Procore Technologies, Inc. $PCOR

Key Points

• Nomura Holdings Inc. has invested approximately $2.92 million in Procore Technologies by acquiring 44,208 shares during the first quarter of the year.
• Procore Technologies reported a 13.9% year-over-year revenue increase, with a quarterly revenue of $323.92 million, surpassing analysts' expectations.
• Major insider Iconiq Strategic Partners IV sold 192,803 shares at an average price of $64.76, which slightly reduced their ownership stake in the company.

Nomura Holdings Inc. acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 44,208 shares of the company's stock, valued at approximately $2,919,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the 4th quarter valued at $511,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Procore Technologies during the fourth quarter worth $221,000. Northern Trust Corp boosted its position in Procore Technologies by 17.0% during the fourth quarter. Northern Trust Corp now owns 594,668 shares of the company's stock valued at $44,558,000 after purchasing an additional 86,192 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Procore Technologies in the fourth quarter valued at about $273,000. Finally, Ancora Advisors LLC grew its stake 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 purchasing an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of recent research reports. Barclays lifted their price target on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. KeyCorp raised their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Arete assumed coverage on shares of Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price for the company. Robert W. Baird boosted their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Finally, BMO Capital Markets increased their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $83.06.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This trade represents a 0.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the transaction, the insider directly owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is currently owned by company insiders.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded up $0.84 during midday trading on Friday, hitting $70.01. The company's stock had a trading volume of 2,090,888 shares, compared to its average volume of 1,452,999. 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 stock's 50 day simple moving average is $69.23 and its 200 day simple moving average is $67.81. The stock has a market capitalization of $10.51 billion, a price-to-earnings ratio of -72.92 and a beta of 0.90. Procore Technologies, Inc. has a fifty-two week low of $52.78 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the previous year, the company earned $0.39 earnings per share. The company's quarterly revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

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.