Bank of New York Mellon Corp Has $38.47 Million Holdings in Procore Technologies, Inc. $PCOR

Bank of New York Mellon Corp increased its position in Procore Technologies, Inc. (NYSE:PCOR) by 11.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 562,213 shares of the company’s stock after purchasing an additional 59,566 shares during the period. Bank of New York Mellon Corp owned about 0.38% of Procore Technologies worth $38,467,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE lifted its stake in Procore Technologies by 5.5% in the 2nd quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after acquiring an additional 1,131 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of Procore Technologies by 15.4% in the 1st quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock valued at $2,532,000 after purchasing an additional 5,129 shares during the period. Intellectus Partners LLC lifted its position in shares of Procore Technologies by 135.3% in the second quarter. Intellectus Partners LLC now owns 12,305 shares of the company’s stock worth $842,000 after purchasing an additional 7,075 shares in the last quarter. GC Wealth Management RIA LLC acquired a new stake in shares of Procore Technologies during the second quarter worth approximately $513,000. Finally, Brighton Jones LLC purchased a new position in Procore Technologies during the fourth quarter valued at approximately $511,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PCOR has been the subject of a number of research reports. Canaccord Genuity Group lifted their target price on shares of Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. JMP Securities reissued a “market perform” rating and set a $95.00 price objective on shares of Procore Technologies in a research report on Friday, August 1st. Berenberg Bank assumed coverage on Procore Technologies in a research note on Friday, October 3rd. They issued a “buy” rating and a $84.00 target price on the stock. Stifel Nicolaus raised their price target on Procore Technologies from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, William Blair reissued an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Fifteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.26.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $77.95 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $72.82 and a 200-day simple moving average of $69.80. The stock has a market capitalization of $12.12 billion, a price-to-earnings ratio of -92.80 and a beta of 0.90. Procore Technologies, Inc. has a 1-year low of $53.71 and a 1-year high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $172.21 million during the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $70.56, for a total transaction of $542,747.52. Following the completion of the transaction, the director owned 1,115,637 shares of the company’s stock, valued at approximately $78,719,346.72. The trade was a 0.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathryn Bueker sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $79.00, for a total value of $513,500.00. Following the completion of the sale, the director directly owned 13,481 shares in the company, valued at $1,064,999. This trade represents a 32.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 59,224 shares of company stock valued at $4,368,959 in the last ninety days. Company insiders own 21.50% of the company’s stock.

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.