Kornitzer Capital Management Inc. KS Sells 27,000 Shares of Procore Technologies, Inc. $PCOR

Kornitzer Capital Management Inc. KS lessened its stake in Procore Technologies, Inc. (NYSE:PCOR) by 13.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 169,800 shares of the company’s stock after selling 27,000 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Procore Technologies were worth $12,351,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Versant Capital Management Inc increased its holdings in Procore Technologies by 23.6% in the third quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after purchasing an additional 179 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC increased its holdings in Procore Technologies by 1.6% in the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after purchasing an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after purchasing an additional 202 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Up 5.0%

Shares of Procore Technologies stock opened at $59.43 on Friday. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The business has a 50-day moving average of $55.59 and a two-hundred day moving average of $64.65. The company has a market capitalization of $8.96 billion, a P/E ratio of -88.71 and a beta of 0.78. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same period in the prior year, the company earned $0.01 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Stifel Nicolaus dropped their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. Barclays dropped their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. BMO Capital Markets lowered their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday, February 5th. Finally, Canaccord Genuity Group lowered their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Fifteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $73.75.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the transaction, the director owned 990,983 shares of the company’s stock, valued at approximately $50,609,501.81. The trade was a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 148,026 shares of company stock worth $7,783,734 over the last ninety days. 21.50% of the stock is currently owned by corporate insiders.

Procore Technologies 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.