Truist Financial Corp Raises Position in Procore Technologies, Inc. (NYSE:PCOR)

Truist Financial Corp lifted its stake in Procore Technologies, Inc. (NYSE:PCOR) by 31.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,361 shares of the company’s stock after buying an additional 17,561 shares during the period. Truist Financial Corp’s holdings in Procore Technologies were worth $5,497,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PCOR. Versant Capital Management Inc boosted its position in shares of Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after buying an additional 175 shares during the period. V Square Quantitative Management LLC boosted its holdings in Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 789 shares during the last quarter. Hilltop National Bank purchased a new position in Procore Technologies in the fourth quarter valued at about $53,000. Finally, GAMMA Investing LLC boosted its holdings in Procore Technologies by 84.7% in the fourth quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock valued at $56,000 after purchasing an additional 342 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $82.28 on Friday. The stock has a fifty day moving average price of $78.09 and a two-hundred day moving average price of $69.49. 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 firm has a market cap of $12.23 billion, a P/E ratio of -114.27 and a beta of 0.84. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. Research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the sale, the insider now owns 200 shares in the company, valued at $17,480. This represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction 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 completion of the sale, the director now owns 1,282,648 shares of the company’s stock, valued at $105,087,350.64. The trade was a 2.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,811 shares of company stock valued at $8,227,968 in the last three months. 29.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently commented on PCOR. Stifel Nicolaus increased their price target on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. KeyCorp increased their price target on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a report on Friday, February 14th. UBS Group increased their price target on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 14th. The Goldman Sachs Group increased their price target on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Piper Sandler upped their price objective on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.94.

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.