Royal Bank of Canada Raises Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Royal Bank of Canada increased its stake in Procore Technologies by 11.0%, owning 561,735 shares worth $37.1 million, as reported in its latest SEC filing.
• Procore Technologies received a range of analyst ratings, with 1 Strong Buy, 13 Buy, and 6 Hold ratings, averaging a target price of $83.06.
• Insider selling included 7,692 shares sold by Director Connor Kevin J. O., representing a 0.67% decrease in his holdings.

Royal Bank of Canada raised its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 11.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 561,735 shares of the company's stock after purchasing an additional 55,829 shares during the period. Royal Bank of Canada owned 0.38% of Procore Technologies worth $37,085,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its position in Procore Technologies by 277.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after purchasing an additional 385 shares during the period. SVB Wealth LLC purchased a new position in Procore Technologies during the 1st quarter valued at about $49,000. Versant Capital Management Inc increased its position in Procore Technologies by 174.2% during the 1st 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 period. Signaturefd LLC increased its position in Procore Technologies by 53.4% during the 1st 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 period. Finally, GAMMA Investing LLC increased its position in Procore Technologies by 66.6% during the 1st 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 period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,205 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.67, for a total value of $267,732.35. Following the sale, the insider directly owned 86,366 shares of the company's stock, valued at approximately $5,498,923.22. This represents a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Howard Fu sold 797 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the sale, the chief financial officer owned 189,457 shares in the company, valued at $12,096,829.45. The trade was a 0.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 664,449 shares of company stock valued at $43,235,011. 21.50% of the stock is owned by insiders.

Procore Technologies Stock Down 2.1%

Shares of PCOR stock traded down $1.49 during trading hours on Wednesday, reaching $68.55. 894,440 shares of the company's stock were exchanged, compared to its average volume of 1,466,850. Procore Technologies, Inc. has a 1 year low of $52.78 and a 1 year high of $88.92. The stock has a market cap of $10.29 billion, a PE ratio of -71.40 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock's fifty day moving average price is $69.28 and its two-hundred day moving average price is $67.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period last year, the business posted $0.39 earnings per share. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PCOR. Mizuho raised their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Stifel Nicolaus increased their price target on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 1st. DA Davidson started coverage on shares of Procore Technologies in a research report on Monday, August 4th. They set a "neutral" rating and a $70.00 price target for the company. Barclays increased their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, BMO Capital Markets lifted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.06.

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.