Kornitzer Capital Management Inc. KS Trims Stake in Procore Technologies, Inc. $PCOR

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 11.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 196,800 shares of the company’s stock after selling 26,000 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.13% of Procore Technologies worth $14,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. US Bancorp DE raised its stake in shares of Procore Technologies by 5.5% in the second quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after buying an additional 1,131 shares during the period. Federated Hermes Inc. increased its holdings in Procore Technologies by 17.0% in the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after acquiring an additional 44,105 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in Procore Technologies during the 3rd quarter worth approximately $1,442,000. Cooper Investors PTY Ltd. lifted its holdings in Procore Technologies by 29.7% during the third quarter. Cooper Investors PTY Ltd. now owns 95,315 shares of the company’s stock valued at $6,950,000 after purchasing an additional 21,802 shares in the last quarter. Finally, Stephens Investment Management Group LLC boosted its position in shares of Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock worth $26,627,000 after purchasing an additional 59,923 shares during the period. Institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Barclays upgraded shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $82.00 to $90.00 in a research report on Monday, January 5th. BTIG Research reiterated a “buy” rating and issued a $88.00 price target on shares of Procore Technologies in a research note on Wednesday, December 17th. William Blair restated an “outperform” rating on shares of Procore Technologies in a research report on Friday, October 17th. DA Davidson raised Procore Technologies to a “hold” rating in a research note on Friday, November 7th. Finally, Piper Sandler lifted their target price on Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.11.

Insider Transactions at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 22,000 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $78.77, for a total value of $1,732,940.00. Following the sale, the senior vice president owned 63,309 shares in the company, valued at approximately $4,986,849.93. The trade was a 25.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 36,196 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $78.06, for a total transaction of $2,825,459.76. Following the transaction, the director owned 1,071,749 shares of the company’s stock, valued at $83,660,726.94. This trade represents a 3.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 690,703 shares of company stock valued at $50,266,998 in the last 90 days. Company insiders own 21.50% of the company’s stock.

Procore Technologies Trading Up 0.2%

Shares of Procore Technologies stock opened at $65.77 on Tuesday. Procore Technologies, Inc. has a twelve month low of $53.71 and a twelve month high of $88.92. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $72.78 and a 200-day moving average price of $71.71. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of -78.30 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The company had revenue of $338.85 million during the quarter, compared to analyst estimates of $328.13 million. During the same period in the prior year, the company earned $0.24 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal 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.