3,514 Shares in Procore Technologies, Inc. (NYSE:PCOR) Acquired by Norden Group LLC

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 shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,514 shares of the company's stock, valued at approximately $232,000.

Other institutional investors also recently bought and sold shares of the company. Capital World Investors increased its position in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock worth $182,365,000 after purchasing an additional 82,311 shares during the period. Janus Henderson Group PLC increased its stake in shares of Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after acquiring an additional 322,367 shares during the last quarter. FIL Ltd grew its stake in shares of Procore Technologies by 4.0% during the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company's stock valued at $162,746,000 after buying an additional 84,216 shares during the period. Finally, Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 28.8% in the 4th quarter. Wasatch Advisors LP now owns 2,036,632 shares of the company's stock worth $152,605,000 after purchasing an additional 455,314 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. DA Davidson raised Procore Technologies to a "hold" rating in a research report on Tuesday, July 22nd. Mizuho upped their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Friday. Stifel Nicolaus increased their price objective on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday. JPMorgan Chase & Co. cut their target price on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Scotiabank decreased their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Thursday, April 24th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $82.50.

Procore Technologies Trading Down 13.4%

Shares of Procore Technologies stock traded down $9.57 on Friday, hitting $62.06. 7,116,339 shares of the company's stock traded hands, compared to its average volume of 1,344,716. The company has a fifty day moving average of $69.66 and a two-hundred day moving average of $70.22. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of -64.65 and a beta of 0.90. 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, Inc. has a one year low of $49.46 and a one year high of $88.92.

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

Insider Activity at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $74.35, for a total transaction of $60,520.90. Following the sale, the chief financial officer owned 197,457 shares of the company's stock, valued at $14,680,927.95. The trade was a 0.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William J.G. Griffith sold 309,168 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $20,021,719.68. Following the completion of the transaction, the director owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is owned by company insiders.

About Procore Technologies

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.