Amundi Sells 68,678 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Amundi cut its Procore Technologies stake by 54.8% in the second quarter, selling 68,678 shares and retaining 56,579 shares worth approximately $2.3 million.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus rating and an average price target of $70.44, despite some target-price reductions.
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus $0.42 expected and revenue of $375.21 million, up 15.8% year over year.

Amundi reduced its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 54.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,579 shares of the company's stock after selling 68,678 shares during the period. Amundi's holdings in Procore Technologies were worth $2,298,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its holdings in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies during the 3rd quarter worth approximately $34,000. Twin Tree Management LP bought a new position in Procore Technologies in the 2nd quarter valued at approximately $40,000. Allworth Financial LP lifted its stake in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Procore Technologies in the second quarter valued at approximately $52,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. TD Cowen decreased their target price on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, July 28th. BTIG Research reissued a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. UBS Group boosted their price objective on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Piper Sandler lowered their price objective on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Finally, BMO Capital Markets raised their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and an average price target of $70.44.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $53.34 on Monday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of -205.15 and a beta of 0.74. The business has a 50-day simple moving average of $53.66 and a 200 day simple moving average of $51.97.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the prior 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, sell-side analysts expect that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the sale, the director owned 946,746 shares in the company, valued at approximately $52,004,757.78. The trade was a 1.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the transaction, the director owned 58,371 shares in the company, valued at approximately $3,677,373. The trade was a 2.51% 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. Insiders sold 169,995 shares of company stock valued at $8,832,058 over the last three months. 16.80% of the stock is currently owned by company insiders.

Procore Technologies Profile

Procore Technologies, Inc NYSE: PCOR provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company's products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.