Sumitomo Mitsui Trust Group Inc. Makes New Investment in Procore Technologies, Inc. (NYSE:PCOR)

Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 3,596 shares of the company's stock, valued at approximately $237,000.

Several other hedge funds also recently made changes to their positions in the business. Huntington National Bank boosted its position in Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after purchasing an additional 404 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its position in Procore Technologies by 1,434.0% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company's stock worth $54,000 after purchasing an additional 674 shares during the period. SBI Securities Co. Ltd. bought a new position in Procore Technologies during the fourth quarter worth $56,000. Aster Capital Management DIFC Ltd boosted its position in Procore Technologies by 181.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock worth $63,000 after purchasing an additional 544 shares during the period. Finally, Ancora Advisors LLC boosted its position in Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after purchasing an additional 850 shares during the period. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

Shares of PCOR traded down $0.20 during trading hours on Thursday, reaching $72.96. 1,894,146 shares of the company traded hands, compared to its average volume of 1,664,515. The stock has a market cap of $10.88 billion, a P/E ratio of -84.84 and a beta of 0.89. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The stock's fifty day moving average is $67.94 and its 200 day moving average is $70.64.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The company had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. During the same quarter in the previous year, the business earned $0.30 EPS. The firm's revenue was up 15.3% on a year-over-year basis. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 4,203 shares of the 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 completion of the sale, the insider directly owned 102,057 shares in the company, valued at $7,032,747.87. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold 652,712 shares of company stock worth $42,398,294 over the last 90 days. Insiders own 29.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PCOR shares. DA Davidson upgraded Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. Stifel Nicolaus decreased their price objective on Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 2nd. KeyCorp reduced their target price on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a report on Monday, April 21st. BMO Capital Markets dropped their target price on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Finally, Jefferies Financial Group reduced their target price on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Four investment 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $80.83.

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.