Procore Technologies, Inc. (NYSE:PCOR) Position Reduced by Fiera Capital Corp

Key Points

• Fiera Capital Corp reduced its stake in Procore Technologies, selling 4,193 shares, which decreased its ownership to 684,068 shares valued at approximately $45.16 million.
• Institutional investors own 81.10% of Procore Technologies, with significant increases in holdings reported from firms such as Huntington National Bank and Ancora Advisors.
• Procore Technologies reported a quarterly earnings beat with $0.23 EPS against an expected $0.17, alongside a revenue increase of 15.3% year-over-year.

Fiera Capital Corp lowered its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 684,068 shares of the company's stock after selling 4,193 shares during the period. Fiera Capital Corp owned about 0.46% of Procore Technologies worth $45,162,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors boosted its holdings in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Procore Technologies by 3.1% in 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 lifted its holdings in shares of Procore Technologies by 14.0% in 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. FIL Ltd lifted its holdings in shares of Procore Technologies by 4.0% in the fourth quarter. FIL Ltd now owns 2,171,975 shares of the company's stock valued at $162,746,000 after purchasing an additional 84,216 shares in the last quarter. Finally, Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 28.8% in the fourth quarter. Wasatch Advisors LP now owns 2,036,632 shares of the company's stock valued at $152,605,000 after purchasing an additional 455,314 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

PCOR has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. UBS Group reduced their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. JMP Securities reissued a "market perform" rating and set a $95.00 price objective on shares of Procore Technologies in a research note on Friday. Piper Sandler upped their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Mizuho upped their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $82.50.

Procore Technologies Trading Down 12.4%

Shares of Procore Technologies stock traded down $8.85 during trading hours on Friday, hitting $62.78. The company's stock had a trading volume of 4,094,608 shares, compared to its average volume of 1,360,272. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The business has a fifty day moving average of $69.76 and a 200 day moving average of $70.36. The company has a market capitalization of $9.36 billion, a PE ratio of -72.90 and a beta of 0.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business's quarterly revenue was up 13.9% compared to the same quarter last year. As a group, equities analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the transaction, the insider directly owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the transaction, the director 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 672,447 shares of company stock valued at $43,878,843. Corporate insiders own 29.00% of the company's stock.

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.