Royal Bank of Canada Grows Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Royal Bank of Canada increased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 505,906 shares of the company's stock after acquiring an additional 42,875 shares during the period. Royal Bank of Canada owned about 0.34% of Procore Technologies worth $37,909,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PCOR. US Bancorp DE increased its holdings in Procore Technologies by 18.8% during the fourth quarter. US Bancorp DE now owns 21,416 shares of the company's stock worth $1,605,000 after buying an additional 3,390 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Procore Technologies during the fourth quarter worth approximately $20,729,000. Barclays PLC raised its stake in Procore Technologies by 49.1% in the third quarter. Barclays PLC now owns 69,012 shares of the company's stock valued at $4,259,000 after buying an additional 22,734 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Procore Technologies during the 4th quarter worth approximately $56,000. Finally, KBC Group NV increased its holdings in shares of Procore Technologies by 1,550.7% in the fourth quarter. KBC Group NV now owns 44,933 shares of the company's stock valued at $3,367,000 after purchasing an additional 42,211 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Shares of PCOR stock traded down $0.16 on Wednesday, hitting $68.02. 81,641 shares of the stock were exchanged, compared to its average volume of 1,708,954. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $10.15 billion, a PE ratio of -94.47 and a beta of 0.90. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The firm's 50 day moving average is $64.83 and its two-hundred day moving average is $72.67.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $310.63 million during the quarter, compared to analysts' expectations of $302.66 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. Procore Technologies's revenue for the quarter was up 15.3% on a year-over-year basis. Sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Howard Fu sold 2,642 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $77.05, for a total value of $203,566.10. Following the completion of the sale, the chief financial officer now owns 147,350 shares in the company, valued at $11,353,317.50. The trade was a 1.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 7,700 shares of the stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the transaction, the director now directly owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. This represents a 0.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,623 shares of company stock worth $3,144,659 over the last ninety days. 29.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on PCOR shares. Macquarie lowered their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Stifel Nicolaus lowered their target price on Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. KeyCorp decreased their price target on shares of Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Scotiabank cut their target price on shares of 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. Finally, DA Davidson upgraded shares of Procore Technologies to a "hold" rating in a report on Tuesday, May 13th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $80.24.

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.