Procore Technologies, Inc. $PCOR Shares Sold by Praesidium Investment Management Company LLC

Key Points

• Praesidium Investment Management has reduced its stake in Procore Technologies by 6.9%, now owning approximately 0.20% of the company, which is valued at about $19.7 million.
• Analysts have mixed views on Procore Technologies; while one firm raised its target price to $82.00 with an "outperform" rating, others have downgraded their recommendations, resulting in an average target price of $83.06.
• In insider trading news, key executives sold a total of 664,449 shares recently, indicating a decrease in their ownership, while the company's stock has fluctuated between a low of $52.78 and a high of $88.92 over the past year.

Praesidium Investment Management Company LLC cut its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 6.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 297,713 shares of the company's stock after selling 22,050 shares during the quarter. Procore Technologies accounts for 3.7% of Praesidium Investment Management Company LLC's portfolio, making the stock its 12th biggest holding. Praesidium Investment Management Company LLC owned 0.20% of Procore Technologies worth $19,655,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PCOR. JPMorgan Chase & Co. boosted its stake in shares of Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after buying an additional 1,492,869 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Procore Technologies by 134.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after purchasing an additional 660,726 shares in the last quarter. Wellington Management Group LLP boosted its position in Procore Technologies by 25.6% during the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after purchasing an additional 451,238 shares in the last quarter. Durable Capital Partners LP purchased a new stake in Procore Technologies during the fourth quarter worth $33,726,000. Finally, Nuveen LLC purchased a new stake in Procore Technologies during the first quarter worth $26,224,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of research analyst reports. Mizuho boosted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. KeyCorp boosted their target price on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Robert W. Baird boosted their target price on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. JMP Securities reiterated a "market perform" rating and set a $95.00 target price on shares of Procore Technologies in a research report on Friday, August 1st. Finally, Piper Sandler boosted their target price on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

Insider Transactions at Procore Technologies

In related news, CRO Lawrence Joseph Stack sold 2,500 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $65.33, for a total value of $163,325.00. Following the completion of the transaction, the executive directly owned 208,288 shares in the company, valued at approximately $13,607,455.04. This represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 completion of the transaction, the insider owned 97,557 shares of the company's stock, valued at $7,316,775. The trade was a 4.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 664,449 shares of company stock valued at $43,235,011. Corporate insiders own 21.50% of the company's stock.

Procore Technologies Price Performance

Shares of NYSE PCOR traded up $0.84 during trading on Friday, reaching $70.01. The company had a trading volume of 2,090,888 shares, compared to its average volume of 1,441,479. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month high of $88.92. The stock has a market capitalization of $10.51 billion, a PE ratio of -72.92 and a beta of 0.90. The stock has a 50-day moving average price of $69.23 and a two-hundred day moving average price of $68.05. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

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

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.