Principal Financial Group Inc. Has $191.37 Million Position in Procore Technologies, Inc. $PCOR

Principal Financial Group Inc. lowered its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 2.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,357,361 shares of the company’s stock after selling 71,464 shares during the period. Principal Financial Group Inc. owned approximately 2.23% of Procore Technologies worth $191,372,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Wasatch Advisors LP grew its holdings in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after buying an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP lifted its stake in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares in the last quarter. Norges Bank acquired a new stake in Procore Technologies during the 4th quarter worth about $82,739,000. Woodline Partners LP boosted its position in Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock worth $130,542,000 after acquiring an additional 1,134,657 shares during the period. Finally, Vanguard Group Inc. grew its stake in Procore Technologies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after acquiring an additional 804,920 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Down 2.2%

PCOR opened at $43.07 on Wednesday. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The business has a 50-day moving average of $45.42 and a 200-day moving average of $54.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $6.50 billion, a PE ratio of -84.45 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. Equities research analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PCOR shares. The Goldman Sachs Group dropped their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. UBS Group lowered their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $70.33.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the completion of the sale, the director directly owned 967,901 shares of the company’s stock, valued at $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock worth $8,791,847 over the last ninety days. 16.80% of the stock is currently owned by insiders.

Procore Technologies 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. 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.