Procore Technologies, Inc. $PCOR Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 50.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,983 shares of the company’s stock after selling 24,367 shares during the period. Granite Investment Partners LLC’s holdings in Procore Technologies were worth $1,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc raised its holdings in Procore Technologies by 23.6% during the third quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock worth $68,000 after purchasing an additional 179 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after buying an additional 199 shares in the last quarter. George Kaiser Family Foundation raised its stake in shares of Procore Technologies by 1.0% in the 2nd quarter. George Kaiser Family Foundation now owns 23,168 shares of the company’s stock worth $1,585,000 after buying an additional 240 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of 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 buying an additional 269 shares during the period. Finally, Harbor Investment Advisory LLC boosted its stake in Procore Technologies by 25.3% during the third quarter. Harbor Investment Advisory LLC now owns 1,343 shares of the company’s stock valued at $98,000 after buying an additional 271 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PCOR. Canaccord Genuity Group dropped their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Robert W. Baird boosted their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Piper Sandler cut their target price on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. DA Davidson reduced their target price on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Finally, BTIG Research dropped their price target on Procore Technologies from $88.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Procore Technologies Stock Performance

Procore Technologies stock opened at $48.85 on Tuesday. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.42. The firm’s 50 day simple moving average is $64.28 and its 200-day simple moving average is $69.19. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $7.59 billion, a P/E ratio of -72.91 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 4.00%. The firm had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same quarter last year, the business posted $0.01 EPS. The company’s revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Activity

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the transaction, the director owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. The trade was a 6.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $75.13, for a total transaction of $722,374.95. Following the completion of the sale, the director directly owned 1,052,519 shares of the company’s stock, valued at $79,075,752.47. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 311,391 shares of company stock valued at $22,541,570 in the last ninety days. Corporate insiders own 21.50% of the company’s stock.

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.