Eventide Asset Management LLC reduced its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR – Free Report) by 53.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 15,455 shares of the company’s stock after selling 18,071 shares during the quarter. Eventide Asset Management LLC’s holdings in Procore Technologies were worth $1,129,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently modified their holdings of the business. Alliancebernstein L.P. lifted its stake in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP lifted its stake in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP lifted its stake in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares in the last quarter. Holocene Advisors LP lifted its stake in Procore Technologies by 245.9% in the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after purchasing an additional 1,412,721 shares in the last quarter. Finally, Norges Bank purchased a new stake in Procore Technologies in the 4th quarter worth approximately $82,739,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have issued reports on PCOR. BTIG Research reiterated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. TD Cowen lowered their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Finally, UBS Group lowered their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $72.56.
Insider Buying and Selling
In related news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at approximately $44,189,911.20. The trade was a 5.71% 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 have sold a total of 178,077 shares of company stock worth $8,564,311 in the last 90 days. 16.80% of the stock is owned by company insiders.
Procore Technologies Stock Performance
Procore Technologies stock opened at $42.37 on Monday. The stock has a market cap of $6.39 billion, a P/E ratio of -83.07 and a beta of 0.73. The firm’s fifty day moving average price is $50.99 and its 200-day moving average price is $59.37. Procore Technologies, Inc. has a fifty-two week low of $40.74 and a fifty-two week 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 – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $359.28 million during the quarter, compared to analysts’ expectations of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 EPS. On average, equities research analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share 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.
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