The Manufacturers Life Insurance Company Takes Position in Procore Technologies, Inc. $PCOR

The Manufacturers Life Insurance Company bought a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 42,404 shares of the company’s stock, valued at approximately $1,722,000.

A number of other hedge funds have also recently made changes to their positions in PCOR. BlackRock Inc. bought a new stake in Procore Technologies during the 2nd quarter valued at about $300,345,000. Deutsche Bank AG bought a new position in Procore Technologies in the 2nd quarter worth about $114,444,000. Assenagon Asset Management S.A. grew its stake in Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. Wasatch Advisors LP increased its position in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP William Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares in the company, valued at $6,188,629.95. This represents a 8.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 231,892 shares of company stock worth $11,613,268. 16.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PCOR shares. UBS Group boosted their price target on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. Jefferies Financial Group reduced their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Barclays lifted their target price on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group cut their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $70.44.

Procore Technologies Stock Performance

NYSE PCOR opened at $60.57 on Friday. The company has a market cap of $9.20 billion, a PE ratio of -232.96 and a beta of 0.74. The firm’s 50 day moving average price is $52.08 and its 200-day moving average price is $51.82. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 earnings per share. On average, analysts forecast that Procore Technologies, Inc. will post 0.41 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. 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 Execution, 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.