Procore Technologies, Inc. (NYSE:PCOR) Holdings Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,762,275 shares of the company's stock after purchasing an additional 82,311 shares during the quarter. Principal Financial Group Inc. owned approximately 1.84% of Procore Technologies worth $182,365,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PCOR. Teacher Retirement System of Texas raised its position in shares of Procore Technologies by 89.5% in the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock worth $1,318,000 after buying an additional 9,428 shares during the period. Peregrine Capital Management LLC raised its position in shares of Procore Technologies by 1.9% in the 1st quarter. Peregrine Capital Management LLC now owns 545,683 shares of the company's stock worth $36,026,000 after buying an additional 9,984 shares during the period. Amalgamated Bank raised its position in shares of Procore Technologies by 4.2% in the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after buying an additional 295 shares during the period. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Procore Technologies in the 1st quarter worth $237,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Procore Technologies by 134.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after buying an additional 660,726 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PCOR. Scotiabank cut their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. cut their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Mizuho cut their price objective on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Barclays raised their price objective on Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Finally, BMO Capital Markets cut their price objective on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.83.

Insiders Place Their Bets

In related news, Director Kathryn Bueker sold 7,000 shares of Procore Technologies stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $72.43, for a total value of $507,010.00. Following the completion of the transaction, the director directly owned 16,932 shares in the company, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J.G. Griffith sold 309,168 shares of Procore Technologies 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 $122,620,340.08. This trade represents a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 660,412 shares of company stock valued at $42,834,653. 29.00% of the stock is owned by company insiders.

Procore Technologies Stock Up 2.7%

Shares of Procore Technologies stock traded up $1.89 during trading hours on Friday, hitting $72.24. 990,784 shares of the company's stock traded hands, compared to its average volume of 1,666,294. The stock has a 50 day simple moving average of $67.43 and a 200-day simple moving average of $70.68. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. The company has a market cap of $10.78 billion, a PE ratio of -84.00 and a beta of 0.89. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The company's revenue was up 15.3% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.