Bank of New York Mellon Corp Takes $17.66 Million Position in Procore Technologies, Inc. $PCOR

Key Points

• Bank of New York Mellon acquired 434,709 Procore Technologies shares worth approximately $17.66 million, while institutional investors collectively own 81.1% of PCOR.
• Procore exceeded quarterly expectations, reporting adjusted earnings of $0.47 per share versus the $0.42 consensus and revenue of $375.21 million, up 15.8% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $70.44, although several firms recently reduced their targets; insiders have sold about $11.14 million of stock over the past 90 days.

Bank of New York Mellon Corp purchased a new position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 434,709 shares of the company's stock, valued at approximately $17,658,000. Bank of New York Mellon Corp owned 0.29% of Procore Technologies as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PCOR. GSA Capital Partners LLP acquired a new stake in Procore Technologies in the second quarter valued at about $297,000. Oppenheimer Asset Management Inc. purchased a new stake in Procore Technologies in the 2nd quarter valued at approximately $3,068,000. Handelsbanken Fonder AB increased its position in Procore Technologies by 145.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company's stock worth $2,169,000 after purchasing an additional 31,600 shares during the period. First Bank & Trust increased its position in Procore Technologies by 62.1% during the 2nd quarter. First Bank & Trust now owns 10,157 shares of the company's stock worth $413,000 after purchasing an additional 3,893 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company's stock worth $178,653,000 after buying an additional 2,146,182 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the sale, the director owned 946,746 shares of the company's stock, valued at $52,004,757.78. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider owned 86,931 shares in the company, valued at $5,507,078.85. This represents a 4.34% decrease in their ownership of the stock. 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. Over the last 90 days, insiders have sold 224,200 shares of company stock valued at $11,136,134. Insiders own 16.80% of the company's stock.

Procore Technologies Stock Performance

Procore Technologies stock opened at $62.82 on Tuesday. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of -241.62 and a beta of 0.70. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The stock's fifty day moving average is $50.78 and its two-hundred day moving average is $51.59.

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 for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on PCOR shares. Piper Sandler reduced their price target on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Citigroup reaffirmed a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. Jefferies Financial Group cut their price objective on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, July 21st. The Goldman Sachs Group reduced their target price on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. One 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. According to MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and an average price target of $70.44.

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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