Procore Technologies, Inc. $PCOR Stock Position Reduced by MAI Capital Management

Key Points

• MAI Capital Management has reduced its holdings in Procore Technologies, Inc. by 49.1%, selling 6,618 shares and leaving it with 6,871 shares worth approximately $454,000.
• Procore Technologies reported better-than-expected quarterly earnings with an EPS of $0.35, exceeding analyst estimates by $0.11, alongside a revenue increase of 13.9% year-over-year.
• Several brokerages have adjusted their price targets on Procore Technologies, with BMO Capital Markets and Barclays both raising their target prices to $82.00, indicating a generally positive outlook from analysts.

MAI Capital Management decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 49.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,871 shares of the company's stock after selling 6,618 shares during the quarter. MAI Capital Management's holdings in Procore Technologies were worth $454,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PCOR. Northwestern Mutual Wealth Management Co. grew its position in Procore Technologies by 277.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock worth $35,000 after purchasing an additional 385 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Procore Technologies during the first quarter worth $49,000. Ancora Advisors LLC lifted its position in Procore Technologies by 10,625.0% during the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after acquiring an additional 850 shares during the period. Versant Capital Management Inc lifted its position in Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after acquiring an additional 636 shares during the period. Finally, Signaturefd LLC grew its stake in Procore Technologies by 53.4% during the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after purchasing an additional 419 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Price Performance

NYSE PCOR traded down $0.81 during mid-day trading on Wednesday, hitting $69.22. The stock had a trading volume of 143,867 shares, compared to its average volume of 1,462,418. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92. The company has a market cap of $10.40 billion, a price-to-earnings ratio of -72.10 and a beta of 0.90. The company has a 50 day simple moving average of $69.28 and a 200 day simple moving average of $67.75.

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

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,205 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the sale, the insider owned 86,366 shares of the company's stock, valued at $5,498,923.22. This represents a 4.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Howard Fu sold 797 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $63.85, for a total value of $50,888.45. Following the transaction, the chief financial officer owned 189,457 shares of the company's stock, valued at approximately $12,096,829.45. The trade was a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 664,449 shares of company stock valued at $43,235,011. 21.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PCOR has been the topic of several recent research reports. Barclays upped their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Mizuho upped their price target 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. JMP Securities reiterated a "market perform" rating and issued a $95.00 target price on shares of Procore Technologies in a research report on Friday, August 1st. Stifel Nicolaus increased their price target on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, KeyCorp increased their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

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.