Kornitzer Capital Management Inc. KS Has $11 Million Holdings in Procore Technologies, Inc. $PCOR

Kornitzer Capital Management Inc. KS grew its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 13.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,000 shares of the company’s stock after acquiring an additional 23,200 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.13% of Procore Technologies worth $11,001,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PCOR. SJS Investment Consulting Inc. raised its stake in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Procore Technologies in the 3rd quarter valued at $34,000. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the 4th quarter worth $41,000. Allworth Financial LP grew its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the 4th quarter worth about $54,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. BTIG Research reaffirmed a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. TD Cowen decreased their target price on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday. UBS Group cut their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Zacks Research raised Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.33.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $41,515,438.56. This represents a 5.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the transaction, the director owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 139,268 shares of company stock worth $6,622,714 over the last quarter. Company insiders own 16.80% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR stock traded down $0.68 during mid-day trading on Friday, reaching $43.34. The company’s stock had a trading volume of 1,861,817 shares, compared to its average volume of 3,215,262. The firm’s 50-day moving average is $45.90 and its two-hundred day moving average is $54.80. The company has a market cap of $6.54 billion, a P/E ratio of -84.98 and a beta of 0.75. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. On average, research analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share 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. 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.