Teacher Retirement System of Texas Acquires 9,428 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Teacher Retirement System of Texas raised its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 89.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,957 shares of the company's stock after acquiring an additional 9,428 shares during the period. Teacher Retirement System of Texas' holdings in Procore Technologies were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Peregrine Capital Management LLC grew its stake in Procore Technologies by 1.9% in the first quarter. Peregrine Capital Management LLC now owns 545,683 shares of the company's stock valued at $36,026,000 after acquiring an additional 9,984 shares during the period. Amalgamated Bank grew its stake in Procore Technologies by 4.2% in the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after acquiring an additional 295 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new position in Procore Technologies in the first quarter valued at about $237,000. Allspring Global Investments Holdings LLC boosted its position in shares of Procore Technologies by 134.5% during the first 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. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Procore Technologies by 56.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 26,099 shares of the company's stock worth $1,723,000 after buying an additional 9,368 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares of the company's stock, valued at $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J.G. Griffith sold 309,168 shares of the firm's stock in a transaction on 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 transaction, the director owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This trade represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 671,723 shares of company stock valued at $43,802,902 in the last 90 days. Corporate insiders own 29.00% of the company's stock.

Procore Technologies Stock Performance

NYSE:PCOR traded up $0.25 on Monday, hitting $71.82. The company's stock had a trading volume of 110,705 shares, compared to its average volume of 1,661,675. The firm has a market capitalization of $10.71 billion, a P/E ratio of -83.74 and a beta of 0.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The stock has a fifty day moving average of $68.27 and a two-hundred day moving average of $70.48.

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, topping analysts' consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million for the quarter, compared to analyst estimates of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The firm's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 earnings per share. Research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PCOR shares. Piper Sandler reduced their price objective on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Jefferies Financial Group reduced their price objective on Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Barclays upped their price objective on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Monday. 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. Finally, Stifel Nicolaus reduced their price objective on Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.39.

Procore Technologies 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.