M&T Bank Corp Has $10.54 Million Holdings in Procore Technologies, Inc. $PCOR

Key Points

• M&T Bank Corp increased its stake in Procore by 1,840.8% in Q4 and now owns 144,900 shares (0.09%) valued at about $10.54 million.
• Company insiders have been net sellers recently — including Chairman Craig Courtemanche's sale of 56,122 shares — with insiders selling 148,026 shares (~$7.78M) over the last three months and holding 21.5% of the stock.
• Analysts have a consensus "Moderate Buy" with an average target of $75.25; Procore recently beat quarterly EPS and revenue estimates (EPS $0.37 vs $0.35, revenue $349.11M), but the stock trades near $55.47 with a market cap of $8.33B and a negative P/E (~-82.8).

M&T Bank Corp grew its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 1,840.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 144,900 shares of the company's stock after buying an additional 137,434 shares during the quarter. M&T Bank Corp owned 0.09% of Procore Technologies worth $10,540,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PCOR. Brighton Jones LLC acquired a new position in Procore Technologies during the fourth quarter worth $511,000. Goldman Sachs Group Inc. boosted its holdings in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock worth $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Procore Technologies by 17.6% during the first 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 purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after purchasing an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after purchasing an additional 269 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Performance

NYSE PCOR opened at $55.47 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm's fifty day moving average price is $55.31 and its two-hundred day moving average price is $65.11. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The firm has a market capitalization of $8.33 billion, a P/E ratio of -82.80 and a beta of 0.85.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The company's quarterly revenue was up 15.6% compared to the same quarter last year. As a group, research analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the sale, the chairman directly owned 927,580 shares of the company's stock, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the sale, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 148,026 shares of company stock valued at $7,783,734. 21.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PCOR has been the subject of several recent research reports. Piper Sandler reduced their target price on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating for the company in a report on Friday, February 13th. TD Cowen reduced their target price on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday. Weiss Ratings restated a "sell (d-)" rating on shares of Procore Technologies in a report on Thursday, January 22nd. The Goldman Sachs Group reduced their target price on shares of Procore Technologies from $90.00 to $75.00 and set a "buy" rating for the company in a report on Monday, February 9th. Finally, Zacks Research raised Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. Fourteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $75.25.

Procore Technologies 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. 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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