Norden Group LLC Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Norden Group LLC has taken a new stake in Procore Technologies by acquiring 3,514 shares valued at approximately $232,000 during the first quarter of 2023.
• In the latest quarterly earnings report, Procore Technologies reported earnings per share of $0.35, surpassing analysts' expectations of $0.24 and revealing a 13.9% increase in revenue year-over-year.
• Procore Technologies' stock has a consensus target price of $80.94 from analysts, with a majority rating the stock as a "Moderate Buy."

Norden Group LLC purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,514 shares of the company's stock, valued at approximately $232,000.

A number of other institutional investors also recently made changes to their positions in PCOR. Brighton Jones LLC purchased a new stake in Procore Technologies during the fourth quarter valued at about $511,000. American Century Companies Inc. grew its position in Procore Technologies by 486.2% during the fourth quarter. American Century Companies Inc. now owns 25,689 shares of the company's stock valued at $1,925,000 after acquiring an additional 21,307 shares during the period. LPL Financial LLC grew its position in Procore Technologies by 147.2% during the fourth quarter. LPL Financial LLC now owns 23,399 shares of the company's stock valued at $1,753,000 after acquiring an additional 13,935 shares during the period. Norges Bank purchased a new stake in shares of Procore Technologies in the fourth quarter worth about $86,387,000. Finally, Pictet Asset Management Holding SA boosted its position in shares of Procore Technologies by 12.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 17,565 shares of the company's stock worth $1,316,000 after buying an additional 1,987 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

PCOR stock traded up $1.43 on Tuesday, reaching $64.42. The company's stock had a trading volume of 3,669,682 shares, compared to its average volume of 1,420,611. Procore Technologies, Inc. has a 52 week low of $51.65 and a 52 week high of $88.92. The company has a market capitalization of $9.61 billion, a P/E ratio of -67.11 and a beta of 0.90. The firm has a fifty day moving average of $69.57 and a two-hundred day moving average of $70.07. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The business had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the prior year, the company posted $0.39 EPS. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Analyst Ratings Changes

PCOR has been the subject of several analyst reports. Mizuho upped their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday. DA Davidson assumed coverage on Procore Technologies in a research note on Monday. They issued a "neutral" rating and a $70.00 price target on the stock. Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 price target on the stock. JMP Securities reiterated a "market perform" rating and issued a $95.00 price target on shares of Procore Technologies in a research note on Friday. Finally, Robert W. Baird upped their price objective on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $83.06.

Insiders Place Their Bets

In other Procore Technologies news, Director Kathryn Bueker sold 7,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $72.43, for a total transaction of $507,010.00. Following the completion of the transaction, the director directly owned 16,932 shares of the company's stock, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J.G. Griffith sold 309,168 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the transaction, the director directly owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is owned by company insiders.

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.