Envestnet Portfolio Solutions Inc. Trims Holdings in Procore Technologies, Inc. $PCOR

Envestnet Portfolio Solutions Inc. reduced its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 22.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,434 shares of the company’s stock after selling 1,248 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Procore Technologies were worth $303,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PCOR. JPMorgan Chase & Co. boosted its stake in shares of Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company’s stock valued at $215,195,000 after buying an additional 1,492,869 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Procore Technologies by 134.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company’s stock valued at $77,901,000 after buying an additional 660,726 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Procore Technologies by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company’s stock valued at $145,954,000 after buying an additional 451,238 shares during the last quarter. Nuveen LLC purchased a new position in shares of Procore Technologies during the 1st quarter valued at approximately $26,224,000. Finally, Durable Capital Partners LP boosted its stake in shares of Procore Technologies by 83.3% during the 1st quarter. Durable Capital Partners LP now owns 825,120 shares of the company’s stock valued at $54,474,000 after buying an additional 375,020 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total transaction of $509,825.76. Following the completion of the transaction, the director owned 1,146,405 shares of the company’s stock, valued at approximately $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,205 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.67, for a total transaction of $267,732.35. Following the transaction, the insider directly owned 86,366 shares of the company’s stock, valued at approximately $5,498,923.22. This trade represents a 4.64% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,724 shares of company stock valued at $2,122,519. 21.50% of the stock is currently owned by company insiders.

Procore Technologies Stock Performance

Shares of PCOR opened at $73.56 on Friday. Procore Technologies, Inc. has a 1 year low of $53.71 and a 1 year high of $88.92. The company has a market cap of $11.05 billion, a price-to-earnings ratio of -76.62 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a fifty day moving average of $70.55 and a 200-day moving average of $68.19.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $172.21 million for the quarter. As a group, equities analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of research reports. Stifel Nicolaus lifted their price objective on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, August 1st. KeyCorp lifted their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. DA Davidson initiated coverage on shares of Procore Technologies in a report on Monday, August 4th. They issued a “neutral” rating and a $70.00 price objective for the company. Finally, Mizuho lifted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Fifteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.11.

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.