Charles Schwab Investment Management Inc. Acquires 27,671 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Charles Schwab Investment Management Inc. increased its position in Procore Technologies by 3.9% in the first quarter, acquiring an additional 27,671 shares to bring its total to 728,528 shares valued at approximately $48.1 million.
• Procore Technologies has received recent upgrades from multiple analysts, with new price targets set between $80.00 to $82.00, reflecting a generally positive outlook on the stock.
• Insider trading activity includes significant sales, with insiders selling 656,755 shares in the last three months, indicating a 21.50% insider ownership of the company.

Charles Schwab Investment Management Inc. boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 3.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 728,528 shares of the company's stock after purchasing an additional 27,671 shares during the period. Charles Schwab Investment Management Inc. owned 0.49% of Procore Technologies worth $48,097,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Ancora Advisors LLC boosted its position in Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after purchasing an additional 850 shares during the last quarter. Versant Capital Management Inc boosted its position in Procore Technologies by 174.2% during the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after purchasing an additional 636 shares during the last quarter. GeoWealth Management LLC acquired a new stake in Procore Technologies during the fourth quarter valued at $78,000. Signaturefd LLC boosted its position in Procore Technologies by 53.4% during the first quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after purchasing an additional 419 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after purchasing an additional 497 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PCOR shares. Scotiabank reduced their price objective on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 24th. Piper Sandler increased their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Stifel Nicolaus increased their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 1st. Finally, BMO Capital Markets increased their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded up $0.84 during midday trading on Monday, hitting $66.10. The company's stock had a trading volume of 737,106 shares, compared to its average volume of 2,395,262. Procore Technologies, Inc. has a fifty-two week low of $52.78 and a fifty-two week high of $88.92. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of -68.86 and a beta of 0.90. The stock's 50 day simple moving average is $68.93 and its 200 day simple moving average is $69.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The business had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. During the same period last year, the business earned $0.39 earnings per share. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $74.35, for a total transaction of $60,520.90. Following the sale, the chief financial officer directly owned 197,457 shares of the company's stock, valued at $14,680,927.95. This trade represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 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 $12,485,922.28. Following the sale, the insider directly owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 656,755 shares of company stock valued at $42,751,179 over the last quarter. Company insiders own 21.50% of the company's stock.

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.