Vanguard Group Inc. Acquires 804,920 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Vanguard increased its stake in Procore by 6.5% in Q4, acquiring 804,920 shares to hold 13,158,506 shares—about an 8.46% stake valued at roughly $957.15 million.
• Procore topped Q4 expectations with $0.37 EPS vs. $0.35 and $349.11M revenue vs. $340.8M, and the stock was trading up ~5% at $59.43 with a market cap near $8.96 billion.
• Insiders sold 148,026 shares (~$7.78M) over the past 90 days and now own 21.5% of the company while institutions own ~81.1%; analysts show a consensus "Moderate Buy" with an average target of $73.75 despite several reduced price targets.

Vanguard Group Inc. raised its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 6.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,158,506 shares of the company's stock after acquiring an additional 804,920 shares during the quarter. Vanguard Group Inc. owned approximately 8.46% of Procore Technologies worth $957,150,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock worth $28,000 after buying an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the 3rd quarter worth $34,000. Jones Financial Companies Lllp lifted its holdings in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after buying an additional 199 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies in the 4th quarter worth $41,000. Finally, First Horizon Corp purchased a new stake in shares of Procore Technologies in the 3rd quarter worth $49,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director owned 990,983 shares of the company's stock, valued at $50,609,501.81. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the sale, the insider directly owned 64,660 shares of the company's stock, valued at $3,233,000. The trade was a 6.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 148,026 shares of company stock valued at $7,783,734 over the last 90 days. Insiders own 21.50% of the company's stock.

Procore Technologies Trading Up 5.0%

PCOR opened at $59.43 on Friday. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of -88.71 and a beta of 0.78. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The stock has a fifty day moving average price of $55.59 and a 200-day moving average price of $64.65.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same period in the previous year, the company posted $0.01 EPS. The business's revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. UBS Group lowered their target price on Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a report on Tuesday, February 3rd. Canaccord Genuity Group lowered their target price on Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. BMO Capital Markets lowered their target price on Procore Technologies from $87.00 to $67.00 and set an "outperform" rating for the company in a report on Thursday, February 5th. BTIG Research reiterated a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, March 11th. Finally, DA Davidson lowered their target price on Procore Technologies from $75.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $73.75.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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