PNC Financial Services Group Inc. Has $3.33 Million Stock Holdings in Procore Technologies, Inc. $PCOR

Key Points

• PNC Financial Services Group more than doubled its stake in Procore Technologies in the fourth quarter, ending with 45,802 shares worth about $3.33 million.
• Insider selling was notable last quarter, including chairman Craig F. Jr. Courtemanche and director Connor Kevin J. O, with insiders selling a total of 197,210 shares worth roughly $10.3 million.
• Analysts remain generally constructive on Procore, with a Moderate Buy consensus and an average price target of $72.56, even after the company recently missed EPS estimates but posted 15.7% revenue growth year over year.

PNC Financial Services Group Inc. raised its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 105.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,802 shares of the company's stock after acquiring an additional 23,555 shares during the period. PNC Financial Services Group Inc.'s holdings in Procore Technologies were worth $3,332,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCOR. Alliancebernstein L.P. raised its holdings in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock valued at $445,391,000 after acquiring an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock worth $318,592,000 after buying an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock worth $248,066,000 after buying an additional 1,486,153 shares in the last quarter. Holocene Advisors LP raised its holdings in shares of Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company's stock worth $144,906,000 after buying an additional 1,412,721 shares in the last quarter. Finally, Woodline Partners LP raised its holdings in shares of Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company's stock worth $130,542,000 after buying an additional 1,134,657 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $51.06, for a total value of $2,865,589.32. Following the sale, the chairman owned 927,580 shares in the company, valued at approximately $47,362,234.80. The trade was a 5.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total value of $294,622.83. Following the completion of the sale, the director owned 990,983 shares in the company, valued at $50,609,501.81. This trade represents a 0.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 197,210 shares of company stock worth $10,301,311 in the last quarter. Corporate insiders own 16.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Canaccord Genuity Group lowered their price target on Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target for the company in a report on Wednesday, April 29th. UBS Group lowered their price target on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group lowered their price target on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $72.56.

Procore Technologies Trading Up 0.1%

Shares of PCOR stock opened at $46.90 on Tuesday. The firm has a market capitalization of $7.08 billion, a P/E ratio of -91.97 and a beta of 0.78. Procore Technologies, Inc. has a twelve month low of $45.02 and a twelve month high of $82.32. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock's fifty day simple moving average is $53.62 and its 200 day simple moving average is $62.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company's revenue was up 15.7% on a year-over-year basis. As a group, sell-side analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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