Mercer Global Advisors Inc. ADV Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Mercer Global Advisors Inc. ADV acquired a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,641 shares of the company's stock, valued at approximately $273,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Comerica Bank lifted its position in Procore Technologies by 87.0% during the fourth quarter. Comerica Bank now owns 131,316 shares of the company's stock valued at $9,839,000 after buying an additional 61,082 shares in the last quarter. Northern Trust Corp raised its stake in shares of Procore Technologies by 17.0% in the 4th quarter. Northern Trust Corp now owns 594,668 shares of the company's stock valued at $44,558,000 after purchasing an additional 86,192 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Procore Technologies during the 4th quarter worth approximately $10,345,000. Science & Technology Partners L.P. bought a new stake in Procore Technologies during the fourth quarter valued at $25,558,000. Finally, Integrated Wealth Concepts LLC bought a new position in Procore Technologies in the fourth quarter worth about $221,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Trading Down 1.5%

Shares of Procore Technologies stock traded down $1.02 on Wednesday, hitting $68.62. The stock had a trading volume of 137,557 shares, compared to its average volume of 1,712,334. The stock has a market cap of $10.24 billion, a price-to-earnings ratio of -95.38 and a beta of 0.90. The stock's 50-day simple moving average is $65.00 and its two-hundred day simple moving average is $72.73. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. The business had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, CRO Lawrence Joseph Stack sold 12,000 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $82.92, for a total value of $995,040.00. Following the sale, the executive now owns 161,368 shares of the company's stock, valued at approximately $13,380,634.56. This represents a 6.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Howard Fu sold 1,190 shares of Procore Technologies stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.00, for a total value of $79,730.00. Following the sale, the chief financial officer now directly owns 146,160 shares of the company's stock, valued at approximately $9,792,720. This trade represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,760 shares of company stock worth $4,391,604 in the last 90 days. 29.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler decreased their price target on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. UBS Group cut their target price on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Scotiabank cut their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 24th. Barclays raised their price objective on shares of Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Finally, JMP Securities raised their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research note on Tuesday, February 18th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $80.24.

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.