California Public Employees Retirement System Purchases 18,184 Shares of Procore Technologies, Inc. $PCOR

California Public Employees Retirement System boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 11.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 172,932 shares of the company’s stock after buying an additional 18,184 shares during the quarter. California Public Employees Retirement System’s holdings in Procore Technologies were worth $9,857,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. lifted its position in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter valued at about $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the fourth quarter valued at about $41,000. Allworth Financial LP increased its stake in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies in the fourth quarter worth about $54,000. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a research report on Wednesday, April 29th. Barclays dropped their price target on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Jefferies Financial Group cut their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. The Goldman Sachs Group reduced their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.47.

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the sale, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is owned by corporate insiders.

Procore Technologies Stock Up 4.2%

PCOR stock opened at $42.80 on Friday. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a market cap of $6.46 billion, a PE ratio of -83.93 and a beta of 0.75. The business’s 50-day simple moving average is $44.49 and its 200 day simple moving average is $52.71. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 earnings per share. On average, research analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.