Northern Trust Corp Acquires 86,192 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Northern Trust Corp raised its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 17.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 594,668 shares of the company’s stock after acquiring an additional 86,192 shares during the quarter. Northern Trust Corp’s holdings in Procore Technologies were worth $44,558,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the period. Capital World Investors lifted its holdings in Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after acquiring an additional 2,555,612 shares during the period. Wellington Management Group LLP purchased a new position in Procore Technologies in the fourth quarter worth about $131,840,000. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the period. Finally, Champlain Investment Partners LLC purchased a new stake in shares of Procore Technologies during the 4th quarter valued at about $105,747,000. Institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on PCOR shares. Barclays boosted their target price 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. JMP Securities upped their price objective on Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 18th. KeyCorp lowered their target price on Procore Technologies from $96.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Scotiabank reduced their price target on 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. Finally, Canaccord Genuity Group lifted their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $80.24.

Insider Transactions at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares of the company’s stock, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin C. Singer sold 6,937 shares of Procore Technologies stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $83.60, for a total value of $579,933.20. Following the completion of the transaction, the insider now owns 72,110 shares of the company’s stock, valued at approximately $6,028,396. This represents a 8.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,142 shares of company stock valued at $4,053,807 in the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Procore Technologies Stock Performance

PCOR opened at $66.41 on Friday. 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 stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of -92.24 and a beta of 0.90. The company has a fifty day moving average of $65.02 and a 200 day moving average of $72.27. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The business’s revenue was up 15.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.