Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its stake in Procore Technologies, Inc. (NYSE:PCOR) by 4.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,237 shares of the company’s stock after selling 1,904 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Procore Technologies were worth $2,360,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raymond James & Associates increased its stake in Procore Technologies by 1.2% during the second quarter. Raymond James & Associates now owns 46,596 shares of the company’s stock worth $3,090,000 after acquiring an additional 544 shares during the last quarter. Tanager Wealth Management LLP increased its position in Procore Technologies by 1.2% during the 2nd quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after purchasing an additional 150 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Procore Technologies by 30.6% in the second quarter. Bank of New York Mellon Corp now owns 512,574 shares of the company’s stock valued at $33,989,000 after buying an additional 120,199 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Procore Technologies by 12.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 858,817 shares of the company’s stock valued at $56,948,000 after buying an additional 92,526 shares in the last quarter. Finally, Burney Co. grew its stake in Procore Technologies by 257.6% during the second quarter. Burney Co. now owns 59,664 shares of the company’s stock worth $3,956,000 after buying an additional 42,980 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PCOR. Mizuho raised their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. TD Cowen raised their price objective on Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Scotiabank upped their target price on Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 22nd. DA Davidson raised their target price on Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Piper Sandler upped their price target on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.71.

Procore Technologies Stock Performance

PCOR stock opened at $79.41 on Wednesday. The stock’s 50 day simple moving average is $71.58 and its 200 day simple moving average is $65.42. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $86.67. The firm has a market cap of $11.81 billion, a P/E ratio of -158.82 and a beta of 0.82. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The company had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Insider Buying and Selling

In other news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 33,332 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was 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 of the company’s stock, valued at $105,087,350.64. This trade represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 146,321 shares of company stock worth $10,664,711 in the last three months. 29.00% of the stock is owned by 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.