Nomura Asset Management Co. Ltd. Lowers Position in Procore Technologies, Inc. (NYSE:PCOR)

Nomura Asset Management Co. Ltd. trimmed its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 17.8% during the fourth quarter, HoldingsChannel reports. The fund owned 171,300 shares of the company’s stock after selling 37,100 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Procore Technologies were worth $12,836,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Procore Technologies during the 4th quarter worth approximately $86,387,000. Blair William & Co. IL grew its holdings in Procore Technologies by 43.9% during the fourth quarter. Blair William & Co. IL now owns 800,784 shares of the company’s stock worth $60,003,000 after acquiring an additional 244,126 shares during the period. Loomis Sayles & Co. L P raised its position in Procore Technologies by 45.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 614,660 shares of the company’s stock worth $46,056,000 after acquiring an additional 191,546 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Procore Technologies by 20.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,766,675 shares of the company’s stock valued at $132,377,000 after acquiring an additional 304,396 shares during the period. Finally, Artisan Partners Limited Partnership boosted its position in shares of Procore Technologies by 16.1% during the 4th quarter. Artisan Partners Limited Partnership now owns 923,653 shares of the company’s stock worth $69,209,000 after purchasing an additional 127,783 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Trading Down 3.7 %

Shares of PCOR opened at $66.74 on Monday. 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 market capitalization of $10.01 billion, a PE ratio of -92.70 and a beta of 0.85. The stock has a fifty day moving average of $75.77 and a two-hundred day moving average of $72.19. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

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

Insider Buying and Selling

In related news, CFO Howard Fu sold 1,447 shares of Procore Technologies stock in a transaction on Friday, March 21st. The stock was sold at an average price of $68.79, for a total value of $99,539.13. Following the transaction, the chief financial officer now owns 144,713 shares in the company, valued at approximately $9,954,807.27. This trade represents a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 1,500 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total value of $117,000.00. Following the sale, the insider now directly owns 83,039 shares of the company’s stock, valued at approximately $6,477,042. This trade represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,604 shares of company stock valued at $5,427,468. Insiders own 29.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCOR. JPMorgan Chase & Co. increased their price target on shares of Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Jefferies Financial Group raised shares of Procore Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $80.00 to $100.00 in a report on Monday, January 6th. Mizuho boosted their price target on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Barclays raised their price objective on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Finally, UBS Group boosted their target price on Procore Technologies from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Four 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. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $90.24.

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.