Northern Trust Corp Increases Stake in Procore Technologies, Inc. $PCOR

Key Points

• Northern Trust Corp increased its holdings in Procore Technologies by 6.3%, owning 632,206 shares valued at approximately $41.74 million.
• Procore Technologies recently beat earnings estimates with $0.35 EPS reported, surpassing the consensus estimate of $0.24, alongside a 13.9% year-over-year revenue growth.
• Wall Street analysts have set a consensus price target of $83.06 for Procore Technologies, with several firms raising their target prices and giving it a "Moderate Buy" rating.

Northern Trust Corp boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 6.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 632,206 shares of the company's stock after purchasing an additional 37,538 shares during the period. Northern Trust Corp owned approximately 0.42% of Procore Technologies worth $41,738,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PCOR. JPMorgan Chase & Co. raised its stake in Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after purchasing an additional 1,492,869 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Procore Technologies by 134.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock valued at $77,901,000 after purchasing an additional 660,726 shares in the last quarter. Durable Capital Partners LP acquired a new position in shares of Procore Technologies in the fourth quarter valued at approximately $33,726,000. Nuveen LLC acquired a new position in shares of Procore Technologies in the first quarter valued at approximately $26,224,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Procore Technologies by 14.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after purchasing an additional 322,367 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on PCOR. DA Davidson began coverage on shares of Procore Technologies in a report on Monday, August 4th. They set a "neutral" rating and a $70.00 price target for the company. Robert W. Baird boosted their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Stifel Nicolaus boosted their price target on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Mizuho boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Piper Sandler boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Stock Performance

PCOR stock traded up $0.87 on Wednesday, hitting $68.50. The company's stock had a trading volume of 1,296,283 shares, compared to its average volume of 1,863,399. The firm has a 50 day moving average of $69.16 and a two-hundred day moving average of $68.30. Procore Technologies, Inc. has a 1 year low of $52.78 and a 1 year high of $88.92. The stock has a market cap of $10.29 billion, a price-to-earnings ratio of -71.35 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same quarter in the prior year, the firm earned $0.39 EPS. Procore Technologies's revenue for the quarter was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 7,692 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total value of $509,825.76. Following the completion of the sale, the director owned 1,146,405 shares in the company, valued at $75,983,723.40. This represents a 0.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 797 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total transaction of $50,888.45. Following the completion of the sale, the chief financial officer owned 189,457 shares of the company's stock, valued at approximately $12,096,829.45. This trade represents a 0.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 664,449 shares of company stock worth $43,235,011 in the last 90 days. 21.50% of the stock is owned by 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.