California Public Employees Retirement System Has $2.79 Million Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Posted by Defense World Staff on May 20th, 2023

California Public Employees Retirement System lessened its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR – Get Rating) by 0.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,084 shares of the company’s stock after selling 280 shares during the period. California Public Employees Retirement System’s holdings in Procore Technologies were worth $2,788,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Jump Financial LLC raised its stake in Procore Technologies by 72.0% during the third quarter. Jump Financial LLC now owns 78,076 shares of the company’s stock worth $3,863,000 after buying an additional 32,676 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Procore Technologies during the third quarter worth about $294,000. Russell Investments Group Ltd. bought a new stake in shares of Procore Technologies during the third quarter worth about $653,000. Verition Fund Management LLC bought a new stake in shares of Procore Technologies during the third quarter worth about $282,000. Finally, Freemont Management S.A. purchased a new position in Procore Technologies during the third quarter worth about $297,000. Institutional investors and hedge funds own 82.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PCOR shares. KeyCorp cut their price target on shares of Procore Technologies from $86.00 to $76.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. DA Davidson started coverage on shares of Procore Technologies in a report on Tuesday, March 21st. They set a “buy” rating and a $72.00 price target on the stock. The Goldman Sachs Group upgraded shares of Procore Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $63.00 to $75.00 in a report on Thursday, May 4th. JMP Securities restated a “market outperform” rating and set a $75.00 price target on shares of Procore Technologies in a report on Monday, April 17th. Finally, Mizuho dropped their target price on shares of Procore Technologies from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, April 17th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $72.00.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,564 shares of the company’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $64.25, for a total transaction of $293,237.00. Following the sale, the insider now owns 136,374 shares of the company’s stock, valued at approximately $8,762,029.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Benjamin C. Singer sold 4,564 shares of the company’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $64.25, for a total transaction of $293,237.00. Following the sale, the insider now owns 136,374 shares of the company’s stock, valued at approximately $8,762,029.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $54.60, for a total transaction of $279,988.80. Following the sale, the director now directly owns 1,519,770 shares in the company, valued at approximately $82,979,442. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 182,401 shares of company stock worth $11,200,368. 40.00% of the stock is owned by corporate insiders.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $57.63 on Friday. The stock has a market capitalization of $8.10 billion, a P/E ratio of -28.53 and a beta of 0.55. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $56.54 and its 200 day moving average is $55.02. Procore Technologies, Inc. has a 12 month low of $40.00 and a 12 month high of $68.56.

Procore Technologies (NYSE:PCOR – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.02). The business had revenue of $202.05 million for the quarter, compared to analysts’ expectations of $190.26 million. Procore Technologies had a negative net margin of 36.03% and a negative return on equity of 19.75%. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -1.57 earnings per share for the current year.

About Procore Technologies

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Procore Technologies, Inc provides 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 Management, 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.