Ameriprise Financial Inc. Reduces Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Ameriprise Financial Inc. decreased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 10.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 955,709 shares of the company’s stock after selling 106,462 shares during the quarter. Ameriprise Financial Inc. owned about 0.64% of Procore Technologies worth $71,613,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust raised its holdings in shares of Procore Technologies by 61.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after acquiring an additional 147 shares during the period. V Square Quantitative Management LLC increased its position in Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after purchasing an additional 162 shares during the last quarter. Huntington National Bank raised its stake in Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after purchasing an additional 404 shares during the period. Hilltop National Bank acquired a new position in Procore Technologies in the 4th quarter valued at about $53,000. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Procore Technologies by 1,434.0% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after buying an additional 674 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PCOR shares. Scotiabank decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a report on Thursday, April 24th. Piper Sandler lowered their price target on Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. UBS Group cut their price objective on Procore Technologies from $110.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Mizuho decreased their target price on shares of Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Finally, KeyCorp dropped their price target on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.24.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $65.62 on Friday. The business has a 50-day simple moving average of $64.84 and a 200-day simple moving average of $72.29. The company has a market cap of $9.79 billion, a PE ratio of -91.14 and a beta of 0.90. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. 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 announced its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 EPS. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 1,480 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $60.02, for a total value of $88,829.60. Following the completion of the transaction, the chief financial officer now owns 206,704 shares in the company, valued at $12,406,374.08. This represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 6,937 shares of Procore Technologies stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $83.60, for a total value of $579,933.20. Following the sale, the insider now owns 72,110 shares in the company, valued at $6,028,396. This trade represents a 8.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,142 shares of company stock valued at $4,053,807 in the last ninety days. Insiders own 29.00% of the company’s stock.

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.