Ameriprise Financial Inc. Sells 255,487 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Ameriprise Financial Inc. reduced its stake in Procore Technologies by 26.7%, selling 255,487 shares, leaving it with approximately 0.47% ownership valued at $46.2 million.
• Several institutional investors, including Ancora Advisors LLC and Versant Capital Management Inc., significantly increased their holdings in Procore Technologies, indicating positive sentiment towards the company.
• Procore Technologies reported $0.35 earnings per share for the last quarter, surpassing expectations and marking a 13.9% increase in revenue year-over-year.

Ameriprise Financial Inc. lowered its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 26.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 700,222 shares of the company's stock after selling 255,487 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.47% of Procore Technologies worth $46,232,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Ancora Advisors LLC boosted its position in shares of Procore Technologies by 10,625.0% in the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after acquiring an additional 850 shares during the period. Versant Capital Management Inc boosted its holdings in Procore Technologies by 174.2% in the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after purchasing an additional 636 shares during the period. Signaturefd LLC boosted its holdings in 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 during the period. GAMMA Investing LLC boosted 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 valued at $82,000 after purchasing an additional 497 shares during the period. Finally, FORA Capital LLC bought a new position in Procore Technologies in the 4th quarter valued at $202,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Up 1.3%

PCOR stock traded up $0.87 during midday trading on Wednesday, hitting $68.50. The company had a trading volume of 1,296,283 shares, compared to its average volume of 1,863,399. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $52.78 and a 52 week high of $88.92. The stock's 50 day moving average price is $69.16 and its 200 day moving average price is $68.30. The stock has a market cap of $10.29 billion, a price-to-earnings ratio of -71.35 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly 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. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the prior year, the business posted $0.39 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. 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 fiscal year.

Insider Activity

In related news, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 1,154,097 shares in the company, valued at $83,510,458.92. This represents a 0.69% 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. Also, CRO Lawrence Joseph Stack sold 2,500 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $65.33, for a total transaction of $163,325.00. Following the completion of the transaction, the executive owned 208,288 shares of the company's stock, valued at $13,607,455.04. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 664,449 shares of company stock valued at $43,235,011. 21.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on PCOR. DA Davidson began coverage on shares of Procore Technologies in a report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price target for the company. Barclays lifted their price target 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. Arete began coverage on Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price target for the company. Stifel Nicolaus lifted their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, JMP Securities reaffirmed a "market perform" rating and set a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Company 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.