1,152,902 Shares in Procore Technologies, Inc. (NYSE:PCOR) Bought by Norges Bank

Norges Bank purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,152,902 shares of the company’s stock, valued at approximately $86,387,000. Norges Bank owned about 0.78% of Procore Technologies as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Versant Capital Management Inc raised its position in shares of Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares during the last quarter. V Square Quantitative Management LLC increased its position in shares of 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 acquiring an additional 162 shares during the period. Hilltop National Bank purchased a new position in Procore Technologies in the 4th quarter worth $53,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in Procore Technologies by 1,434.0% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock worth $54,000 after acquiring an additional 674 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Transactions at Procore Technologies

In other news, CRO Lawrence Joseph Stack sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the transaction, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. The trade was a 6.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 1,500 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total value of $117,000.00. Following the completion of the sale, the insider now directly owns 83,039 shares of the company’s stock, valued at approximately $6,477,042. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,604 shares of company stock valued at $5,427,468 over the last ninety days. Insiders own 29.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Piper Sandler upped their target price on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. JMP Securities upped their price objective on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. raised their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Mizuho boosted their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Finally, Macquarie cut their price target on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Four 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $89.65.

Procore Technologies Stock Performance

NYSE:PCOR opened at $68.96 on Thursday. 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 $10.34 billion, a PE ratio of -95.78 and a beta of 0.85. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a fifty day moving average of $75.13 and a two-hundred day moving average of $72.30.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results 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). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. As a group, research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal 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.