Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 502,647 shares of the company's stock after selling 54,119 shares during the period. Bank of New York Mellon Corp owned 0.34% of Procore Technologies worth $33,185,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Covestor Ltd grew its holdings in Procore Technologies by 15.1% in the fourth quarter. Covestor Ltd now owns 1,571 shares of the company's stock worth $118,000 after purchasing an additional 206 shares during the period. Two Sigma Investments LP boosted its position in 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 last quarter. Park Avenue Securities LLC lifted its stake in shares of Procore Technologies by 1.7% in the 1st 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. OneDigital Investment Advisors LLC lifted its position in Procore Technologies by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company's stock valued at $407,000 after purchasing an additional 225 shares in the last quarter. Finally, Procyon Advisors LLC raised its stake in Procore Technologies by 8.6% during the 1st quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock worth $232,000 after acquiring an additional 278 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of PCOR traded up $1.06 during trading hours on Thursday, hitting $73.05. The stock had a trading volume of 477,235 shares, compared to its average volume of 1,657,796. The firm has a 50-day moving average price of $68.68 and a 200 day moving average price of $70.45. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a market capitalization of $10.90 billion, a price-to-earnings ratio of -84.98 and a beta of 0.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The business had revenue of $310.63 million during the quarter, compared to analysts' expectations of $302.66 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. The company's quarterly revenue was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on PCOR. Scotiabank decreased their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. lowered their price target on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. BMO Capital Markets reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. KeyCorp dropped their price objective on shares of Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Barclays boosted their price objective on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.39.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 8,035 shares of Procore Technologies stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total transaction of $581,412.60. Following the transaction, the director owned 1,154,097 shares in the company, valued at $83,510,458.92. The trade was a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J.G. Griffith sold 309,168 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the sale, the director owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 671,723 shares of company stock worth $43,802,902 over the last quarter. Corporate insiders own 29.00% of the company's stock.

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.