Bank of America Corp DE Sells 38,438 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Bank of America reduced its Procore Technologies stake by 4.9%, selling 38,438 shares and retaining 751,328 shares worth approximately $42.8 million. Institutional investors collectively own 81.1% of PCOR.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $70.44, though ratings range from “Strong Buy” to “Sell.”
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus a $0.42 estimate and $375.2 million in revenue, up 15.8% year over year. However, insiders sold 212,699 shares worth about $10.4 million over the past 90 days.

Bank of America Corp DE decreased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 751,328 shares of the company's stock after selling 38,438 shares during the quarter. Bank of America Corp DE owned approximately 0.50% of Procore Technologies worth $42,826,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Wasatch Advisors LP raised its holdings in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after buying an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP grew its holdings in Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company's stock valued at $115,170,000 after acquiring an additional 1,240,247 shares during the period. Norges Bank acquired a new position in Procore Technologies in the 4th quarter valued at approximately $82,739,000. Finally, Woodline Partners LP raised its stake in shares of Procore Technologies by 173.1% during the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company's stock valued at $130,542,000 after acquiring an additional 1,134,657 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Guggenheim assumed coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a "buy" rating and a $68.00 target price for the company. 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, Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $70.44.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company's stock, valued at $4,836,150. The trade was a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the sale, the chairman owned 919,704 shares in the company, valued at approximately $41,515,438.56. The trade was a 5.75% 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 ninety days, insiders sold 212,699 shares of company stock valued at $10,399,445. Corporate insiders own 16.80% of the company's stock.

Procore Technologies Stock Performance

Procore Technologies stock opened at $57.82 on Thursday. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of -222.38 and a beta of 0.70. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The firm has a 50 day moving average price of $46.00 and a two-hundred day moving average price of $51.13.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company's quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. As a group, equities research analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

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. 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.

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