Principal Financial Group Inc. Buys 2,670,872 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Principal Financial Group Inc. raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 29,376.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,679,964 shares of the company’s stock after purchasing an additional 2,670,872 shares during the period. Principal Financial Group Inc. owned 1.80% of Procore Technologies worth $200,810,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PCOR. Chicago Partners Investment Group LLC grew its stake in Procore Technologies by 0.8% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company’s stock valued at $1,199,000 after buying an additional 129 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Procore Technologies by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after purchasing an additional 143 shares during the period. V Square Quantitative Management LLC grew its holdings in Procore Technologies by 37.8% in the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after buying an additional 162 shares during the last quarter. Tanager Wealth Management LLP boosted its holdings in Procore Technologies by 1.3% in the 3rd quarter. Tanager Wealth Management LLP now owns 12,747 shares of the company’s stock valued at $787,000 after purchasing an additional 168 shares during the period. Finally, Versant Capital Management Inc lifted its stake 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 valued at $27,000 after buying an additional 175 shares during the period. Institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In related news, SVP William Fred Fleming, Jr. sold 2,668 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 $190,388.48. Following the completion of the transaction, the senior vice president now directly owns 72,605 shares in the company, valued at approximately $5,181,092.80. The trade was a 3.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Scott Davis sold 7,914 shares of Procore Technologies stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $564,743.04. Following the transaction, the insider now directly owns 184,223 shares in the company, valued at $13,146,153.28. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,656 shares of company stock valued at $8,776,297. 29.00% of the stock is owned by insiders.

Procore Technologies Stock Up 16.5 %

Shares of Procore Technologies stock opened at $87.48 on Tuesday. The company’s 50 day moving average price is $77.72 and its 200-day moving average price is $68.73. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $87.90. 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 $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The business had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. Equities research analysts forecast that Procore Technologies, Inc. will post -0.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PCOR shares. Piper Sandler upped their price target on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Friday. Stifel Nicolaus raised their target price on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. BMO Capital Markets lifted their target price on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Barclays raised their price objective on shares of Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Robert W. Baird lifted their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.65.

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.