Wasatch Advisors LP Reduces Position in Procore Technologies, Inc. $PCOR

Wasatch Advisors LP decreased its position in Procore Technologies, Inc. (NYSE:PCOR) by 35.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,905,647 shares of the company’s stock after selling 1,051,216 shares during the period. Wasatch Advisors LP’s holdings in Procore Technologies were worth $77,407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. raised its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies in the third quarter valued at $34,000. V Square Quantitative Management LLC purchased a new stake in Procore Technologies in the fourth quarter valued at $41,000. Allworth Financial LP grew its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new stake in Procore Technologies during the 4th quarter worth about $54,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $54.98, for a total transaction of $422,906.16. Following the completion of the transaction, the director owned 939,054 shares of the company’s stock, valued at $51,629,188.92. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 156,577 shares of company stock worth $7,194,317. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Stock Up 1.0%

PCOR opened at $58.78 on Wednesday. The firm’s fifty day simple moving average is $45.85 and its two-hundred day simple moving average is $51.18. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The company has a market cap of $8.93 billion, a price-to-earnings ratio of -226.07 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. The company’s quarterly revenue was up 15.8% on a year-over-year basis. On average, research analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on PCOR shares. TD Cowen lowered their target price on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Barclays lifted their price target on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Jefferies Financial Group dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. BTIG Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a report on Friday, July 24th. Finally, The Goldman Sachs Group lowered their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.44.

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.