Lazard Asset Management LLC Increases Stake in Procore Technologies, Inc. (NYSE:PCOR)

Lazard Asset Management LLC grew its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 45.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,141 shares of the company’s stock after buying an additional 4,704 shares during the quarter. Lazard Asset Management LLC’s holdings in Procore Technologies were worth $1,134,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of PCOR. Parkside Financial Bank & Trust raised its position in 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 buying an additional 147 shares during the last quarter. V Square Quantitative Management LLC raised its position in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after buying an additional 162 shares during the last quarter. Huntington National Bank raised its position in Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after buying an additional 404 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Procore Technologies by 1,434.0% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock worth $54,000 after buying an additional 674 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Procore Technologies during the 4th quarter worth $56,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent analyst reports. 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. UBS Group lowered their price target on shares of Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Scotiabank lowered their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a research note on Thursday, April 24th. JPMorgan Chase & Co. lowered their price target on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Finally, Barclays upped their price target on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $80.24.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 6,937 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the transaction, the insider now directly owns 72,110 shares in the company, valued at $6,028,396. This represents a 8.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the transaction, the executive now owns 161,368 shares in the company, valued at approximately $13,380,634.56. The trade was a 6.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 69,834 shares of company stock valued at $5,181,472 in the last ninety days. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $69.88 on Tuesday. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of -97.05 and a beta of 0.90. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The company’s 50-day moving average price is $64.92 and its 200 day moving average price is $72.75. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. During the same period last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.