Procore Technologies, Inc. $PCOR Shares Sold by Wasatch Advisors LP

Wasatch Advisors LP cut its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 30.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,956,863 shares of the company’s stock after selling 1,278,561 shares during the quarter. Wasatch Advisors LP’s holdings in Procore Technologies were worth $168,541,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Blue Owl Capital Holdings LP acquired a new stake in shares of Procore Technologies in the fourth quarter worth $6,857,000. Robinhood Asset Management LLC purchased a new position in shares of Procore Technologies during the fourth quarter worth $7,136,000. Spyglass Capital Management LLC lifted its position in Procore Technologies by 5.1% during the third quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company’s stock valued at $68,828,000 after purchasing an additional 45,790 shares during the period. Stephens Investment Management Group LLC lifted its position in Procore Technologies by 20.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock valued at $32,048,000 after purchasing an additional 75,436 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in Procore Technologies by 105.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after purchasing an additional 23,555 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on PCOR. 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 report on Thursday, May 7th. Piper Sandler lowered their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. UBS Group dropped their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Fourteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.33.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $42.00, for a total value of $242,298.00. Following the transaction, the director owned 973,670 shares in the company, valued at $40,894,140. This represents a 0.59% 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. Insiders have sold 189,621 shares of company stock worth $9,054,472 in the last ninety days. Company insiders own 16.80% of the company’s stock.

Procore Technologies Stock Up 9.1%

PCOR stock opened at $41.80 on Friday. The firm has a market cap of $6.31 billion, a PE ratio of -81.95 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The firm’s fifty day moving average is $48.34 and its 200 day moving average is $57.03. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32.

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

Procore Technologies Company 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.