Capital World Investors Sells 3,762,029 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Capital World Investors sold 3,762,029 shares of Procore in Q3, cutting its stake by 58.8% to 2,635,099 shares (about 1.69% of the company, ~$192.15M).
• Procore recently beat the quarter's estimates with EPS of $0.37 (vs. $0.35) and revenue of $349.11M (up 15.6% YoY), but remains unprofitable (negative net margin and negative P/E) and is trading around $56 within a 12‑month range of $46.08–$82.32.
• Analysts are mixed: the consensus is a Moderate Buy with a $76.95 price target (17 Buys, 4 Holds, 2 Sells), though several firms have recently cut price targets or issued downgrades.

Capital World Investors lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 58.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,635,099 shares of the company's stock after selling 3,762,029 shares during the quarter. Capital World Investors owned about 1.69% of Procore Technologies worth $192,151,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PCOR. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 12.2% in the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company's stock worth $240,753,000 after purchasing an additional 360,207 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Procore Technologies during the third quarter worth about $1,442,000. Envestnet Asset Management Inc. grew its stake in Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company's stock worth $30,607,000 after buying an additional 99,706 shares in the last quarter. Federated Hermes Inc. grew its stake in Procore Technologies by 17.0% during the second quarter. Federated Hermes Inc. now owns 304,219 shares of the company's stock worth $20,815,000 after buying an additional 44,105 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in Procore Technologies by 19.6% in the 3rd quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company's stock valued at $26,627,000 after buying an additional 59,923 shares during the period. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCOR. Zacks Research cut shares of Procore Technologies from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 17th. KeyCorp decreased their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Stifel Nicolaus lowered their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating for the company in a research report on Friday, February 13th. Piper Sandler cut their target price on Procore Technologies from $91.00 to $79.00 and set an "overweight" rating for the company in a research note on Friday, February 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Procore Technologies in a report on Thursday, January 22nd. Seventeen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.95.

Procore Technologies Trading Down 2.3%

NYSE PCOR opened at $56.09 on Thursday. The company has a market cap of $8.42 billion, a price-to-earnings ratio of -83.71 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The business's fifty day moving average is $60.02 and its 200 day moving average is $68.45.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analysts' expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 EPS. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Howard Fu sold 814 shares of the company's stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total value of $59,413.86. Following the completion of the transaction, the chief financial officer owned 178,237 shares of the company's stock, valued at $13,009,518.63. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total transaction of $523,825.20. Following the sale, the director owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 314,098 shares of company stock valued at $22,229,482 over the last three months. Insiders own 21.50% of the company's stock.

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. 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.

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.