Deutsche Bank AG Makes New Investment in Procore Technologies, Inc. $PCOR

Deutsche Bank AG purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 2,817,424 shares of the company’s stock, valued at approximately $114,444,000.

A number of other hedge funds have also modified their holdings of PCOR. Brighton Jones LLC bought a new stake in shares of Procore Technologies during the 4th quarter valued at $511,000. Goldman Sachs Group Inc. boosted its holdings in Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares during the period. Prudential Financial Inc. increased its stake in Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after buying an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after buying an additional 269 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Insider Transactions at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $52,524,295.44. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. 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 have sold a total of 222,699 shares of company stock valued at $10,988,945 over the last three months. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $62.95 on Thursday. The company has a market cap of $9.57 billion, a P/E ratio of -242.12 and a beta of 0.70. The firm’s fifty day moving average is $47.34 and its two-hundred day moving average is $51.05. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the previous year, the company earned $0.35 EPS. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. UBS Group increased their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Barclays increased their target price on Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Jefferies Financial Group decreased their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Finally, Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

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. 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.