Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC lessened its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 15.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,414 shares of the company’s stock after selling 1,327 shares during the period. Park Avenue Securities LLC’s holdings in Procore Technologies were worth $458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in Procore Technologies by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after buying an additional 94,190 shares during the period. XN LP raised its stake in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after acquiring an additional 1,411,812 shares during the period. Dragoneer Investment Group LLC raised its stake in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after acquiring an additional 1,609,607 shares during the period. Robeco Schweiz AG lifted its holdings in shares of Procore Technologies by 20.1% in the 2nd quarter. Robeco Schweiz AG now owns 1,315,000 shares of the company’s stock worth $87,198,000 after acquiring an additional 220,000 shares during the last quarter. Finally, Meritage Group LP purchased a new position in shares of Procore Technologies during the 1st quarter worth approximately $106,738,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PCOR shares. BMO Capital Markets cut their target price on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Stifel Nicolaus decreased their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Barclays lifted their target price on Procore Technologies from $54.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Scotiabank reduced their price target on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Piper Sandler dropped their price objective on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $70.13.

Procore Technologies Stock Performance

NYSE:PCOR opened at $62.97 on Friday. Procore Technologies, Inc. has a 12 month low of $48.11 and a 12 month high of $83.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market capitalization of $9.30 billion, a PE ratio of -99.95 and a beta of 0.73. The business’s fifty day moving average price is $58.01 and its 200 day moving average price is $65.47.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The business had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $275.26 million. During the same period in the prior year, the firm posted ($0.28) EPS. The business’s quarterly revenue was up 24.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 1,142 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total value of $78,432.56. Following the transaction, the chief financial officer now directly owns 181,419 shares of the company’s stock, valued at $12,459,856.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $68.68, for a total value of $78,432.56. Following the completion of the sale, the chief financial officer now directly owns 181,419 shares of the company’s stock, valued at approximately $12,459,856.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the transaction, the insider now owns 106,705 shares in the company, valued at $7,469,350. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,890 shares of company stock worth $5,947,691. 29.00% of the stock is currently owned by insiders.

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.