Royal Bank of Canada Raises Stake in Procore Technologies, Inc. (NYSE:PCOR)

Royal Bank of Canada lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 505,906 shares of the company's stock after purchasing an additional 42,875 shares during the quarter. Royal Bank of Canada owned about 0.34% of Procore Technologies worth $37,909,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PCOR. Barclays PLC grew its position 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 acquiring an additional 22,734 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Procore Technologies in the fourth quarter valued at approximately $788,000. Brighton Jones LLC purchased a new stake in Procore Technologies during the 4th quarter worth $511,000. Zweig DiMenna Associates LLC lifted its holdings in Procore Technologies by 23.5% in the 4th quarter. Zweig DiMenna Associates LLC now owns 120,000 shares of the company's stock worth $8,992,000 after buying an additional 22,800 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Procore Technologies by 1,550.7% in the 4th quarter. KBC Group NV now owns 44,933 shares of the company's stock worth $3,367,000 after buying an additional 42,211 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 2,642 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $77.05, for a total transaction of $203,566.10. Following the completion of the transaction, the chief financial officer now owns 147,350 shares of the company's stock, valued at approximately $11,353,317.50. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,203 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $68.91, for a total transaction of $289,628.73. Following the transaction, the insider now directly owns 102,057 shares of the company's stock, valued at approximately $7,032,747.87. This trade represents a 3.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,623 shares of company stock valued at $3,144,659 over the last 90 days. 29.00% of the stock is owned by company insiders.

Analyst Ratings Changes

PCOR has been the topic of a number of analyst reports. UBS Group dropped their target price on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Canaccord Genuity Group lifted their price objective on Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Scotiabank cut their target price on 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. JMP Securities increased their target price on Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research note on Tuesday, February 18th. Finally, Macquarie dropped their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Four equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.24.

Procore Technologies Stock Performance

Procore Technologies stock opened at $67.61 on Friday. The company has a market cap of $10.09 billion, a PE ratio of -93.91 and a beta of 0.90. The company has a fifty day moving average price of $64.93 and a two-hundred day moving average price of $72.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92.

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

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.

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