Vestcor Inc Acquires Shares of 20,000 Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Vestcor Inc invested approximately $1.32 million in Procore Technologies, Inc. by acquiring 20,000 shares in the first quarter.
• Institutional investors now own 81.10% of Procore, with significant increases from firms like Huntington National Bank and Ancora Advisors LLC during the fourth quarter.
• Procore Technologies' stock price has seen a decline of 13.4%, trading at $62.06, with analysts maintaining a consensus rating of "Moderate Buy" and an average price target of $82.50.

Vestcor Inc purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 20,000 shares of the company's stock, valued at approximately $1,320,000.

Other large investors also recently bought and sold shares of the company. Huntington National Bank grew its holdings in Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after purchasing an additional 404 shares during the period. Aster Capital Management DIFC Ltd grew its stake in shares of Procore Technologies by 181.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after acquiring an additional 544 shares during the period. Ancora Advisors LLC increased its holdings in Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after acquiring an additional 850 shares in the last quarter. Versant Capital Management Inc raised its stake in Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after acquiring an additional 636 shares during the period. Finally, GeoWealth Management LLC purchased a new position in Procore Technologies during the fourth quarter valued at approximately $78,000. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PCOR. Citizens Jmp cut shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. Arete started coverage on shares of Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 price target on the stock. Scotiabank decreased 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. Robert W. Baird raised their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, Mizuho boosted their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Six 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. Based on data from MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Stock Down 0.6%

PCOR traded down $0.40 during trading hours on Wednesday, hitting $63.70. 2,088,726 shares of the company's stock were exchanged, compared to its average volume of 1,457,161. Procore Technologies, Inc. has a 12-month low of $51.65 and a 12-month high of $88.92. The firm has a 50 day moving average of $69.49 and a 200 day moving average of $70.03. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The firm has a market cap of $9.57 billion, a P/E ratio of -66.36 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. The firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The firm's revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 earnings per share. Analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Kathryn Bueker sold 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $72.43, for a total value of $507,010.00. Following the completion of the transaction, the director directly owned 16,932 shares of the company's stock, valued at $1,226,384.76. This trade represents a 29.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J.G. Griffith sold 309,168 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $20,021,719.68. Following the transaction, the director directly owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. The trade was a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock valued at $43,878,843 over the last 90 days. 29.00% of the stock is owned by insiders.

Procore Technologies Company 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.