GW&K Investment Management LLC Lowers Stock Holdings in Procore Technologies, Inc. $PCOR

Key Points

• GW&K Investment Management trimmed its Procore Technologies stake by 2.8% in the fourth quarter, selling 30,188 shares and ending with 1,040,683 shares worth about $75.7 million.
• Procore shares were down 3.4% in Wednesday trading, opening at $45.78, near the stock’s 52-week low of $44.70 and well below its 52-week high of $82.32.
• The company’s latest quarterly results showed revenue growth of 15.7% to $359.28 million, but earnings of $0.34 per share missed estimates by $0.02; analysts still hold a Moderate Buy consensus with an average target price of $72.56.

GW&K Investment Management LLC reduced its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,040,683 shares of the company's stock after selling 30,188 shares during the period. GW&K Investment Management LLC owned about 0.67% of Procore Technologies worth $75,700,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC acquired a new stake in Procore Technologies during the 4th quarter worth approximately $511,000. Goldman Sachs Group Inc. lifted its holdings in Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock worth $48,392,000 after buying an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock worth $23,156,000 after buying an additional 52,507 shares in the last quarter. Prudential Financial Inc. lifted its holdings in Procore Technologies by 56.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after buying an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after buying an additional 269 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Trading Down 3.4%

Shares of NYSE:PCOR opened at $45.78 on Wednesday. Procore Technologies, Inc. has a 52 week low of $44.70 and a 52 week high of $82.32. The company's 50 day moving average is $51.82 and its two-hundred day moving average is $59.96. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The company has a market cap of $6.91 billion, a PE ratio of -89.76 and a beta of 0.73.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million during the quarter, compared to analysts' expectations of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company's revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. Equities analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of research reports. TD Cowen reduced their target price on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, April 21st. BTIG Research reiterated a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and an average target price of $72.56.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company's stock, valued at $4,836,150. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the transaction, the director directly owned 990,983 shares in the company, valued at $50,609,501.81. This trade represents a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 121,955 shares of company stock valued at $6,030,964 in the last ninety days. Insiders own 16.80% 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.

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