Huntington National Bank Raises Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Huntington National Bank lifted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 161.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 654 shares of the company’s stock after acquiring an additional 404 shares during the period. Huntington National Bank’s holdings in Procore Technologies were worth $49,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PCOR. Vanguard Group Inc. increased its position in Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after acquiring an additional 838,925 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after purchasing an additional 1,425,967 shares during the last quarter. Meritage Group LP lifted its holdings in shares of Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after purchasing an additional 1,098,019 shares during the period. Principal Financial Group Inc. grew its position in Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the last quarter. Finally, State Street Corp grew its position in Procore Technologies by 13.2% in the 3rd quarter. State Street Corp now owns 1,810,895 shares of the company’s stock valued at $111,768,000 after buying an additional 211,590 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.41, for a total transaction of $345,678.48. Following the sale, the director now directly owns 1,215,984 shares in the company, valued at approximately $81,969,481.44. The trade was a 0.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Howard Fu sold 1,447 shares of the stock in a transaction on 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 transaction, the chief financial officer now owns 144,713 shares of the company’s stock, valued at approximately $9,954,807.27. This represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,604 shares of company stock valued at $5,427,468 over the last 90 days. 29.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Robert W. Baird boosted their target price on Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Barclays raised their target price on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Macquarie lowered their price target on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Piper Sandler raised their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Finally, Canaccord Genuity Group upped their target price on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.65.

Procore Technologies Stock Up 1.2 %

PCOR stock opened at $58.00 on Tuesday. The company’s 50 day simple moving average is $73.96 and its 200-day simple moving average is $72.42. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market capitalization of $8.70 billion, a P/E ratio of -80.56 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for the quarter, compared to analyst estimates 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, equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

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.