Mirae Asset Global Investments Co. Ltd. Acquires New Position in Procore Technologies, Inc. (NYSE:PCOR)

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 400,555 shares of the company’s stock, valued at approximately $26,064,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.28% of Procore Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Procore Technologies by 311.8% in the first quarter. Bank of New York Mellon Corp now owns 487,908 shares of the company’s stock worth $28,280,000 after buying an additional 369,427 shares during the period. HighTower Advisors LLC increased its stake in shares of Procore Technologies by 33.1% in the first quarter. HighTower Advisors LLC now owns 15,927 shares of the company’s stock worth $924,000 after buying an additional 3,959 shares during the period. Citigroup Inc. boosted its position in Procore Technologies by 41.9% during the 1st quarter. Citigroup Inc. now owns 8,019 shares of the company’s stock valued at $465,000 after buying an additional 2,367 shares during the period. PNC Financial Services Group Inc. bought a new stake in Procore Technologies in the 1st quarter worth $31,000. Finally, Bank of Montreal Can purchased a new position in shares of Procore Technologies in the first quarter valued at about $2,460,000. 81.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PCOR shares. The Goldman Sachs Group cut their price objective on Procore Technologies from $85.00 to $74.00 and set a “buy” rating on the stock in a research report on Thursday, November 2nd. KeyCorp lowered their price target on shares of Procore Technologies from $85.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, November 2nd. Mizuho decreased their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 3rd. Barclays dropped their price target on Procore Technologies from $87.00 to $71.00 and set an “overweight” rating on the stock in a research report on Thursday, November 2nd. Finally, BMO Capital Markets reduced their price target on Procore Technologies from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Friday, November 3rd. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.27.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $55.17, for a total transaction of $282,911.76. Following the sale, the director now owns 1,578,933 shares in the company, valued at $87,109,733.61. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $55.17, for a total value of $282,911.76. Following the sale, the director now directly owns 1,578,933 shares in the company, valued at $87,109,733.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Craig F. Jr. Courtemanche sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $70.00, for a total value of $3,850,000.00. Following the transaction, the chief executive officer now owns 542,499 shares of the company’s stock, valued at approximately $37,974,930. The disclosure for this sale can be found here. In the last three months, insiders have sold 435,656 shares of company stock valued at $28,229,509. Corporate insiders own 39.20% of the company’s stock.

Procore Technologies Stock Performance

NYSE PCOR opened at $56.41 on Tuesday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.04. Procore Technologies, Inc. has a twelve month low of $41.80 and a twelve month high of $76.86. The business has a 50-day moving average price of $61.76 and a 200-day moving average price of $63.78. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of -34.40 and a beta of 0.69.

Procore Technologies Company Profile

Procore Technologies, Inc provides 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 Management, 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.