KLP Kapitalforvaltning AS Acquires New Position in Procore Technologies, Inc. (NYSE:PCOR)

KLP Kapitalforvaltning AS bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 21,000 shares of the company’s stock, valued at approximately $1,574,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sei Investments Co. grew its stake in shares of Procore Technologies by 75.5% during the fourth quarter. Sei Investments Co. now owns 465,472 shares of the company’s stock worth $34,878,000 after purchasing an additional 200,317 shares during the period. American Century Companies Inc. boosted its holdings in Procore Technologies by 486.2% during the fourth quarter. American Century Companies Inc. now owns 25,689 shares of the company’s stock worth $1,925,000 after buying an additional 21,307 shares during the last quarter. Summit Global Investments acquired a new position in shares of Procore Technologies during the 4th quarter worth about $676,000. Maestria Partners LLC bought a new stake in shares of Procore Technologies in the 4th quarter valued at about $12,299,000. Finally, Teacher Retirement System of Texas raised its position in shares of Procore Technologies by 51.5% in the 4th quarter. Teacher Retirement System of Texas now owns 10,529 shares of the company’s stock valued at $789,000 after acquiring an additional 3,581 shares during the period. Institutional investors own 81.10% of the company’s stock.

Insider Activity

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $73.62, for a total value of $377,523.36. Following the sale, the director now owns 1,264,700 shares in the company, valued at $93,107,214. This represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Lawrence Joseph Stack sold 12,000 shares of Procore Technologies stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total value of $995,040.00. Following the transaction, the executive now owns 161,368 shares of the company’s stock, valued at $13,380,634.56. This represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,604 shares of company stock valued at $5,427,468. 29.00% of the stock is owned by insiders.

Procore Technologies Trading Down 3.7 %

Shares of NYSE:PCOR opened at $66.74 on Friday. The stock has a market capitalization of $10.01 billion, a PE ratio of -92.70 and a beta of 0.85. The company’s 50-day moving average price is $75.77 and its two-hundred day moving average price is $71.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Analyst Ratings Changes

PCOR has been the subject of a number of analyst reports. Stifel Nicolaus boosted their price objective on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Jefferies Financial Group raised shares of Procore Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $80.00 to $100.00 in a report on Monday, January 6th. Barclays raised their price objective on Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Robert W. Baird boosted their target price on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Finally, Canaccord Genuity Group increased their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.24.

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.