Universal Beteiligungs und Servicegesellschaft mbH Purchases New Position in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has acquired a new position in Procore Technologies with an investment of approximately $2.78 million for 42,093 shares during the first quarter.
• Procore Technologies has recently experienced significant interest from large institutional investors, with 81.10% of the stock now held by such entities.
• Analysts have varied opinions on Procore Technologies, with a consensus rating of "Moderate Buy" and an average target price of $80.94, despite some recent price target decreases from firms like Scotiabank and UBS Group.

Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 42,093 shares of the company's stock, valued at approximately $2,779,000.

Other hedge funds have also bought and sold shares of the company. Capital World Investors boosted its position in Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the last quarter. Principal Financial Group Inc. raised its stake in Procore Technologies by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after acquiring an additional 82,311 shares during the period. Janus Henderson Group PLC raised its stake in Procore Technologies by 14.0% in the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after acquiring an additional 322,367 shares during the period. FIL Ltd raised its stake in Procore Technologies by 4.0% in the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company's stock valued at $162,746,000 after acquiring an additional 84,216 shares during the period. Finally, Wasatch Advisors LP lifted its position in shares of Procore Technologies by 28.8% during the fourth quarter. Wasatch Advisors LP now owns 2,036,632 shares of the company's stock worth $152,605,000 after acquiring an additional 455,314 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Analysts Set New Price Targets

PCOR has been the topic of several analyst reports. Piper Sandler upped their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday. UBS Group dropped their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. BMO Capital Markets increased their price objective on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research report on Friday. Arete assumed coverage on Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective on the stock. Finally, Citizens Jmp lowered Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.50.

Procore Technologies Stock Down 13.4%

NYSE:PCOR traded down $9.57 on Friday, reaching $62.06. 7,116,339 shares of the stock traded hands, compared to its average volume of 1,344,716. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of -64.65 and a beta of 0.90. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92. The company's fifty day simple moving average is $69.66 and its 200 day simple moving average is $70.22.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.61%. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. Equities analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, Director Kathryn Bueker sold 7,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $72.43, for a total value of $507,010.00. Following the transaction, the director owned 16,932 shares of the company's stock, valued at $1,226,384.76. This trade represents a 29.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the transaction, the insider directly owned 3,137,255 shares in the company, valued at $203,168,633.80. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is owned by company insiders.

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.