Geode Capital Management LLC Acquires 168,769 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Geode Capital Management LLC boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 10.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,716,432 shares of the company’s stock after buying an additional 168,769 shares during the period. Geode Capital Management LLC’s holdings in Procore Technologies were worth $105,967,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. XN LP lifted its stake in Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the last quarter. Meritage Group LP raised its holdings in shares of Procore Technologies by 66.6% in the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after acquiring an additional 1,098,019 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after buying an additional 1,297,151 shares during the last quarter. Dragoneer Investment Group LLC raised its position in Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in Procore Technologies by 1.1% in the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock worth $115,623,000 after buying an additional 21,234 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PCOR has been the subject of several analyst reports. Stifel Nicolaus upped their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday. BMO Capital Markets raised their price target on Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. The Goldman Sachs Group upped their price target on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Jefferies Financial Group lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Finally, Piper Sandler lifted their price objective on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.24.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $75.75 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The business has a 50-day simple moving average of $71.89 and a two-hundred day simple moving average of $65.49. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $86.67. The firm has a market cap of $11.26 billion, a price-to-earnings ratio of -151.50 and a beta of 0.82.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, analysts expect that Procore Technologies, Inc. will post -0.23 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the transaction, the director now owns 1,282,648 shares in the company, valued at $105,087,350.64. This represents a 2.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the sale, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. This represents a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 141,193 shares of company stock valued at $10,364,826. 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.