Alliancebernstein L.P. Decreases Stock Holdings in Procore Technologies, Inc. $PCOR

Key Points

• AllianceBernstein L.P. sells 304,141 shares of Procore Technologies, reducing its stake by 21.6%, while still holding 1,105,358 shares valued at approximately $72,976,000.
• Insiders have recently offloaded a total of 664,449 shares of Procore Technologies, indicating a potential shift in confidence among executives, as insiders now own 21.50% of the company.
• Procore Technologies reported earnings per share of $0.35 in its latest quarterly earnings, exceeding analysts' expectations of $0.24, with revenue growing 13.9% year-over-year.

Alliancebernstein L.P. reduced its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,105,358 shares of the company's stock after selling 304,141 shares during the period. Alliancebernstein L.P. owned 0.74% of Procore Technologies worth $72,976,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake in Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares during the last quarter. SVB Wealth LLC bought a new position in shares of Procore Technologies in the 1st quarter worth $49,000. Versant Capital Management Inc increased its holdings in shares of Procore Technologies by 174.2% in the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after buying an additional 636 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Procore Technologies by 53.4% in the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after purchasing an additional 419 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Procore Technologies by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after acquiring an additional 497 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PCOR shares. Robert W. Baird raised their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. JMP Securities reaffirmed a "market perform" rating and issued a $95.00 target price on shares of Procore Technologies in a report on Friday, August 1st. Arete started coverage on shares of Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective for the company. Mizuho boosted their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, Piper Sandler upped their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Trading Down 2.1%

PCOR traded down $1.49 on Wednesday, reaching $68.55. 894,440 shares of the company traded hands, compared to its average volume of 1,466,850. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92. The firm has a fifty day simple moving average of $69.28 and a two-hundred day simple moving average of $67.75. The company has a market cap of $10.29 billion, a P/E ratio of -71.40 and a beta of 0.90. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the transaction, the insider owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 4,500 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider directly owned 97,557 shares in the company, valued at $7,316,775. This trade represents a 4.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is currently owned by company 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.