Price T Rowe Associates Inc. MD Sells 371,354 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Procore Technologies by 10.7% in Q1, selling 371,354 shares, and now holds about 2.08% of the company valued at $204.5 million.
• Recent analyst ratings for Procore Technologies include an upward price target from BMO Capital Markets to $82.00 and a downgrade from Citizens JMP to "market perform," with the stock rated as a "Moderate Buy" overall.
• Procore Technologies reported $0.35 earnings per share for the last quarter, exceeding expectations and showing a 13.9% year-over-year revenue increase with revenues of $323.92 million.

Price T Rowe Associates Inc. MD lowered its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,097,063 shares of the company's stock after selling 371,354 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.08% of Procore Technologies worth $204,469,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Two Sigma Investments LP increased its holdings in shares of Procore Technologies by 5.3% in the fourth quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after purchasing an additional 210 shares during the period. Park Avenue Securities LLC increased its holdings in shares of Procore Technologies by 1.7% in the first quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock worth $854,000 after purchasing an additional 221 shares during the period. Xponance Inc. increased its stake in Procore Technologies by 1.8% in the first quarter. Xponance Inc. now owns 14,864 shares of the company's stock valued at $981,000 after acquiring an additional 263 shares during the last quarter. TFB Advisors LLC increased its stake in Procore Technologies by 8.1% in the first quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock valued at $234,000 after acquiring an additional 264 shares during the last quarter. Finally, Procyon Advisors LLC increased its stake in Procore Technologies by 8.6% in the first quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock valued at $232,000 after acquiring an additional 278 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

PCOR has been the topic of a number of research analyst reports. BMO Capital Markets increased their target price on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Citizens Jmp cut Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. Robert W. Baird increased their target price on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Stifel Nicolaus increased their target price on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Arete initiated coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. One 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 stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Stock Up 4.8%

Shares of NYSE:PCOR opened at $67.7590 on Friday. The stock's 50-day moving average price is $68.94 and its 200-day moving average price is $68.73. Procore Technologies, Inc. has a 12-month low of $52.78 and a 12-month high of $88.92. The stock has a market capitalization of $10.18 billion, a P/E ratio of -70.58 and a beta of 0.90. 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 posted its 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. The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. Procore Technologies's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 earnings per share. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 4,205 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.67, for a total value of $267,732.35. Following the completion of the sale, the insider directly owned 86,366 shares in the company, valued at $5,498,923.22. This trade represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Howard Fu sold 797 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total transaction of $50,888.45. Following the transaction, the chief financial officer directly owned 189,457 shares of the company's stock, valued at $12,096,829.45. This represents a 0.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 664,449 shares of company stock worth $43,235,011 over the last three months. Company insiders own 21.50% 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.

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