Sun Sep 15 15:22:53 UTC 2024: ## Federated Hermes Boosts Stake in Procore Technologies Amidst Institutional Interest

**New York, NY (September 15, 2024)** – Federated Hermes Inc. has increased its holdings in Procore Technologies, Inc. (NYSE: PCOR) by 19.8% during the second quarter, according to a recent SEC filing. The firm now owns 630,545 shares of the company, representing a value of $41,811,000.

This move comes as several other institutional investors have also shown interest in Procore Technologies. Meritage Group LP, William Blair Investment Management LLC, Norges Bank, Robeco Schweiz AG, and Westfield Capital Management Co. LP all acquired new stakes in the company during recent quarters. Collectively, hedge funds and institutional investors now hold 81.10% of Procore Technologies stock.

While institutional interest is high, insider trading activity has also been noticeable. Benjamin C. Singer, an insider, sold 2,000 shares of Procore Technologies stock on July 1st, and SVP William Fred Fleming, Jr. sold 2,707 shares on August 22nd. Overall, insiders have sold a total of 164,586 shares in the past 90 days, representing a value of $10,291,025. Insiders currently own 29% of the company’s stock.

Procore Technologies recently reported strong second-quarter earnings, exceeding analyst expectations. The company posted earnings per share of $0.39, beating the consensus estimate by $0.14. Revenue for the quarter reached $284.30 million, surpassing analysts’ expectations of $275.26 million. The company’s revenue grew 24.4% year-over-year.

Procore Technologies provides a cloud-based construction management platform, connecting owners, contractors, architects, and engineers for project collaboration. The company operates in the United States and internationally.

Analysts remain optimistic about Procore Technologies’ future. Seven analysts have rated the stock with a hold rating, while ten have given a buy rating. MarketBeat.com gives Procore Technologies a consensus rating of “Moderate Buy” with a consensus price target of $69.31.

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