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

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. lifted its holdings in shares of Procore Technologies by 24.8% in the 1st quarter. Federated Hermes Inc. now owns 260,114 shares of the company's stock worth $17,173,000 after acquiring an additional 51,652 shares during the last quarter. Norden Group LLC purchased a new stake in Procore Technologies during the first quarter worth about $232,000. LPL Financial LLC increased its stake in Procore Technologies by 16.0% during the first quarter. LPL Financial LLC now owns 27,142 shares of the company's stock worth $1,792,000 after purchasing an additional 3,743 shares during the period. Allen Investment Management LLC increased its stake in Procore Technologies by 7.3% during the first quarter. Allen Investment Management LLC now owns 5,133 shares of the company's stock worth $339,000 after purchasing an additional 348 shares during the period. Finally, Assetmark Inc. increased its stake in Procore Technologies by 1.1% during the first quarter. Assetmark Inc. now owns 84,249 shares of the company's stock worth $5,562,000 after purchasing an additional 897 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

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 that occurred on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total transaction of $507,010.00. Following the transaction, the director directly owned 16,932 shares in the company, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction on 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 completion of the transaction, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 672,447 shares of company stock valued at $43,878,843. 29.00% of the stock is owned by company insiders.

Procore Technologies Stock Down 13.4%

Procore Technologies stock traded down $9.57 during mid-day trading on Friday, hitting $62.06. The company had a trading volume of 7,116,339 shares, compared to its average volume of 1,700,537. The stock has a market cap of $9.26 billion, a price-to-earnings ratio of -64.65 and a beta of 0.90. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. The business has a fifty day moving average of $69.66 and a 200 day moving average of $70.17.

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

Analyst Ratings Changes

A number of brokerages have issued reports on PCOR. Stifel Nicolaus boosted their price target on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday. Mizuho boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday. Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday. DA Davidson upgraded shares of Procore Technologies to a "hold" rating in a research note on Tuesday, July 22nd. Finally, Barclays upped their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and an average price target of $82.50.

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.