Procore Technologies, Inc. $PCOR Position Boosted by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sharply increased its Procore Technologies stake by 1,969.2% in the first quarter, ending with 98,516 shares valued at about $5.6 million.
• Procore’s latest quarterly results showed revenue growth of 15.7% year over year to $359.28 million, but earnings of $0.34 per share came in slightly below analyst expectations.
• Wall Street remains mostly constructive on the stock, with 14 Buy ratings and a consensus price target of $70.33, even as some firms trimmed their targets and one rating remains bearish.

Fifth Third Bancorp boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 1,969.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,516 shares of the company's stock after purchasing an additional 93,755 shares during the period. Fifth Third Bancorp owned approximately 0.07% of Procore Technologies worth $5,615,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Argos Wealth Advisors LLC raised its position in shares of Procore Technologies by 3.9% during the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock worth $294,000 after purchasing an additional 195 shares during the period. Intellectus Partners LLC increased its position in shares of Procore Technologies by 1.6% in the fourth quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock worth $924,000 after acquiring an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after acquiring an additional 202 shares in the last quarter. Allworth Financial LP boosted its stake in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Vident Advisory LLC grew its position in Procore Technologies by 6.0% during the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock worth $281,000 after purchasing an additional 219 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,769 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the transaction, the director directly owned 967,901 shares in the company, valued at approximately $40,584,088.93. The trade was a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares of the company's stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 189,621 shares of company stock valued at $8,791,847. Company insiders own 16.80% of the company's stock.

Procore Technologies Stock Up 1.9%

Shares of NYSE:PCOR opened at $45.97 on Friday. The company's fifty day moving average is $44.91 and its 200-day moving average is $53.74. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The company has a market capitalization of $6.94 billion, a PE ratio of -90.13 and a beta of 0.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results 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). The business had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business's quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 earnings per share. Equities research analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on PCOR. UBS Group decreased their price objective on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. TD Cowen reduced their price target on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, April 21st. BTIG Research reiterated a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, May 6th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a research note on Monday, July 6th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $70.33.

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. 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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