Alfreton Capital LLP Trims Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Alfreton Capital LLP reduced its shareholding in Procore Technologies by 11.5%, now holding 575,000 shares worth approximately $37.96 million, making it the firm’s 5th largest position.
• Several analysts have upgraded their price targets for Procore Technologies, with a new average target of $82.50 and a general rating of "Moderate Buy."
• Procore Technologies shares have declined 13.4%, with current stock trading at $62.06, despite reporting better-than-expected earnings of $0.35 per share.

Alfreton Capital LLP lessened its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 11.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 575,000 shares of the company's stock after selling 75,000 shares during the period. Procore Technologies comprises 12.1% of Alfreton Capital LLP's portfolio, making the stock its 5th largest position. Alfreton Capital LLP owned 0.39% of Procore Technologies worth $37,962,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PCOR. Malaga Cove Capital LLC raised its position in shares of Procore Technologies by 170.0% during the 1st quarter. Malaga Cove Capital LLC now owns 12,075 shares of the company's stock worth $797,000 after purchasing an additional 7,602 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Procore Technologies by 6.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 18,135 shares of the company's stock worth $1,197,000 after purchasing an additional 1,115 shares during the period. Vestcor Inc acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $1,320,000. Federated Hermes Inc. raised its position in shares of Procore Technologies by 24.8% during the 1st quarter. Federated Hermes Inc. now owns 260,114 shares of the company's stock worth $17,173,000 after purchasing an additional 51,652 shares during the period. Finally, Norden Group LLC acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $232,000. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. DA Davidson upgraded Procore Technologies to a "hold" rating in a research report on Tuesday, July 22nd. BMO Capital Markets increased their price target on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday. Barclays raised their target price on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Robert W. Baird raised their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Finally, Piper Sandler raised their target price on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $82.50.

Procore Technologies Stock Down 13.4%

Shares of PCOR stock opened at $62.06 on Friday. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The stock has a market cap of $9.26 billion, a PE ratio of -64.65 and a beta of 0.90. The business's fifty day moving average is $69.66 and its 200-day moving average is $70.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The company's revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $0.39 EPS. Equities analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the sale, the director directly owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 1,390 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $75.00, for a total value of $104,250.00. Following the sale, the insider directly owned 96,167 shares of the company's stock, valued at approximately $7,212,525. This represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.