Norges Bank Buys Shares of 1,152,902 Procore Technologies, Inc. (NYSE:PCOR)

Norges Bank purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the fourth quarter, Holdings Channel.com reports. The fund purchased 1,152,902 shares of the company’s stock, valued at approximately $86,387,000.

Other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in Procore Technologies by 8.7% during the third quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company’s stock worth $1,958,000 after acquiring an additional 2,538 shares during the last quarter. FMR LLC raised its holdings in Procore Technologies by 4.6% in the 3rd quarter. FMR LLC now owns 17,939 shares of the company’s stock valued at $1,107,000 after buying an additional 797 shares during the period. Townsquare Capital LLC raised its holdings in Procore Technologies by 6.6% in the 3rd quarter. Townsquare Capital LLC now owns 12,882 shares of the company’s stock valued at $795,000 after buying an additional 793 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Procore Technologies by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,304 shares of the company’s stock valued at $15,943,000 after buying an additional 13,550 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Procore Technologies by 128.7% during the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after acquiring an additional 1,297,151 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Activity

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the transaction, the insider now directly owns 200 shares of the company’s stock, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Howard Fu sold 1,447 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $68.79, for a total transaction of $99,539.13. Following the completion of the sale, the chief financial officer now directly owns 144,713 shares of the company’s stock, valued at $9,954,807.27. The trade was a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 69,604 shares of company stock valued at $5,427,468. Insiders own 29.00% of the company’s stock.

Procore Technologies Stock Performance

Shares of PCOR opened at $68.96 on Thursday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The stock has a 50 day moving average price of $75.13 and a 200 day moving average price of $72.30. The company has a market capitalization of $10.34 billion, a price-to-earnings ratio of -95.78 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last posted its 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 net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. Research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Jefferies Financial Group decreased their price target on Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday. Canaccord Genuity Group lifted their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Mizuho increased their target price on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Finally, UBS Group lifted their target price on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.65.

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.