Handelsinvest Investeringsforvaltning Reduces Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Handelsinvest Investeringsforvaltning lowered its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 34.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,833 shares of the company’s stock after selling 1,990 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Procore Technologies were worth $315,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in shares of Procore Technologies by 6,823.1% during the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after acquiring an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Procore Technologies during the fourth quarter valued at $62,000. TFO Wealth Partners LLC boosted its stake in Procore Technologies by 43,600.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,185 shares of the company’s stock worth $151,000 after buying an additional 2,180 shares during the last quarter. HighPoint Advisor Group LLC acquired a new stake in Procore Technologies in the 4th quarter worth about $189,000. Finally, Wasatch Advisors LP acquired a new stake in Procore Technologies in the 4th quarter worth about $218,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Activity

In other news, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total value of $207,150.00. Following the completion of the sale, the insider now directly owns 122,321 shares in the company, valued at approximately $8,446,265.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the completion of the transaction, the chief executive officer now owns 530,049 shares in the company, valued at approximately $36,557,479.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.05, for a total value of $207,150.00. Following the transaction, the insider now owns 122,321 shares of the company’s stock, valued at approximately $8,446,265.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 297,554 shares of company stock worth $20,096,420. 29.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on PCOR shares. DA Davidson reissued a “buy” rating and issued a $95.00 price target on shares of Procore Technologies in a research note on Thursday, March 14th. Canaccord Genuity Group reduced their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Piper Sandler reduced their price objective on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.19.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $68.70 on Thursday. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of -71.56 and a beta of 0.75. The business has a 50 day simple moving average of $67.21 and a 200-day simple moving average of $71.46.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The business had revenue of $269.43 million during the quarter, compared to the consensus estimate of $263.13 million. As a group, equities research analysts expect that Procore Technologies, Inc. will post -0.35 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.