M&G Plc Buys New Shares in Procore Technologies, Inc. (NYSE:PCOR)

M&G Plc acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 107,292 shares of the company’s stock, valued at approximately $8,798,000. M&G Plc owned approximately 0.07% of Procore Technologies at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in PCOR. Cerity Partners LLC boosted its holdings in Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after purchasing an additional 1,303,804 shares in the last quarter. William Blair Investment Management LLC acquired a new position in shares of Procore Technologies in the 1st quarter worth approximately $91,158,000. Vanguard Group Inc. boosted its holdings in shares of Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after acquiring an additional 995,757 shares in the last quarter. Norges Bank acquired a new position in shares of Procore Technologies in the 4th quarter worth approximately $68,005,000. Finally, Robeco Schweiz AG acquired a new position in shares of Procore Technologies in the 4th quarter worth approximately $60,914,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Up 1.6 %

NYSE PCOR traded up $1.05 on Friday, reaching $68.25. The company had a trading volume of 1,054,193 shares, compared to its average volume of 1,596,288. The firm has a market capitalization of $9.99 billion, a price-to-earnings ratio of -71.09 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. The company’s fifty day moving average is $66.90 and its 200-day moving average is $71.36.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The firm had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. On average, research analysts forecast that Procore Technologies, Inc. will post -0.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stifel Nicolaus reduced their target price on Procore Technologies from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, July 8th. Barclays dropped their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Macquarie initiated coverage on shares of Procore Technologies in a research report on Wednesday, June 5th. They set a “neutral” rating and a $70.00 target price for the company. JPMorgan Chase & Co. upped their price objective on shares of Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Finally, TD Cowen initiated coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.67.

Insider Activity

In other news, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP William Fred Fleming, Jr. sold 3,188 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total transaction of $223,701.96. Following the completion of the sale, the senior vice president now directly owns 87,248 shares in the company, valued at $6,122,192.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 299,554 shares of company stock valued at $20,236,420. 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.