Comerica Bank Buys 7,916 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Comerica Bank increased its stake in Procore Technologies by 6.0%, owning approximately 139,232 shares worth $9.19 million as of the most recent SEC filing.
• Multiple hedge funds have also raised their positions in Procore Technologies, with the Teacher Retirement System of Texas boosting its stake by 89.5% during the first quarter.
• Procore Technologies reported a 13.9% revenue increase year-over-year, with Q2 earnings of $0.35 per share, outperforming the consensus estimate by $0.11.

Comerica Bank boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 139,232 shares of the company's stock after buying an additional 7,916 shares during the period. Comerica Bank owned approximately 0.09% of Procore Technologies worth $9,192,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PCOR. Brighton Jones LLC bought a new stake in shares of Procore Technologies during the fourth quarter worth about $511,000. First Trust Advisors LP increased its holdings in Procore Technologies by 682.3% during the 4th quarter. First Trust Advisors LP now owns 68,289 shares of the company's stock worth $5,117,000 after purchasing an additional 59,560 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Procore Technologies by 20.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 729,268 shares of the company's stock worth $54,647,000 after purchasing an additional 124,449 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of Procore Technologies by 187.1% in the fourth quarter. MML Investors Services LLC now owns 18,488 shares of the company's stock valued at $1,385,000 after purchasing an additional 12,048 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Procore Technologies in the fourth quarter valued at approximately $221,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

PCOR traded down $1.78 during trading on Tuesday, hitting $67.73. 1,696,475 shares of the company traded hands, compared to its average volume of 1,863,399. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92. The stock's fifty day moving average is $69.14 and its 200 day moving average is $68.30. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The firm has a market cap of $10.17 billion, a P/E ratio of -70.55 and a beta of 0.90.

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

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director directly owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,500 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total value of $337,500.00. Following the transaction, the insider directly owned 97,557 shares in the company, valued at $7,316,775. This represents a 4.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 664,449 shares of company stock valued at $43,235,011 in the last quarter. Insiders own 21.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PCOR. Piper Sandler upped their price target on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Arete began coverage on shares of Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price for the company. DA Davidson assumed coverage on shares of Procore Technologies in a report on Monday, August 4th. They issued a "neutral" rating and a $70.00 target price for the company. Citizens Jmp cut shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 1st. Finally, Mizuho upped their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and an average target price of $83.06.

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.