Champlain Investment Partners LLC Sells 107,310 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Champlain Investment Partners LLC has reduced its stake in Procore Technologies by 7.6%, now holding 1,303,970 shares valued at approximately $86 million.
• Institutional investors own 81.10% of Procore Technologies, with notable increases in holdings by JPMorgan Chase (84.5% increase) and Wellington Management (25.6% increase) during the first quarter.
• Wall Street analysts have mixed ratings for Procore Technologies, with an average price target of $83.06 and a consensus rating of "Moderate Buy."

Champlain Investment Partners LLC trimmed its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 7.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,303,970 shares of the company's stock after selling 107,310 shares during the quarter. Champlain Investment Partners LLC owned approximately 0.87% of Procore Technologies worth $86,088,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after purchasing an additional 1,492,869 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 3.1% during the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after purchasing an additional 322,367 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Procore Technologies by 25.6% during the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after purchasing an additional 451,238 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in shares of Procore Technologies by 7.2% during the first quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock valued at $124,067,000 after purchasing an additional 126,070 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent analyst reports. DA Davidson initiated coverage on Procore Technologies in a research note on Monday, August 4th. They issued a "neutral" rating and a $70.00 price objective on the stock. Barclays lifted their price objective on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Arete initiated coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 price objective on the stock. Robert W. Baird lifted their price objective on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, Mizuho lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Insider Activity

In other news, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total transaction of $509,825.76. Following the completion of the sale, the director owned 1,146,405 shares in the company, valued at $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 797 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the sale, the chief financial officer owned 189,457 shares of the company's stock, valued at approximately $12,096,829.45. This represents a 0.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 664,449 shares of company stock worth $43,235,011 over the last quarter. 21.50% of the stock is currently owned by corporate insiders.

Procore Technologies Trading Down 0.5%

PCOR stock traded down $0.33 during mid-day trading on Friday, reaching $69.55. The company's stock had a trading volume of 1,087,881 shares, compared to its average volume of 2,407,184. The company has a market cap of $10.45 billion, a price-to-earnings ratio of -72.45 and a beta of 0.90. The business's 50 day moving average price is $69.09 and its 200 day moving average price is $68.51. 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 12 month low of $52.78 and a 12 month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The firm's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current 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.