Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Burney Co.

Key Points

• Burney Co. has reduced its stake in Procore Technologies by 41.4%, owning 5,296 shares valued at approximately $350,000 following the sale of 3,744 shares.
• Procore currently holds a consensus rating of "Moderate Buy" from analysts with a target price averaging $81.39, despite recent price target reductions from firms like JPMorgan Chase & Co. and Piper Sandler.
• Insider sales have been notable, with a total of 672,447 shares sold valued at approximately $43.9 million in the last 90 days, suggesting significant insider activity.

Burney Co. reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 41.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,296 shares of the company's stock after selling 3,744 shares during the quarter. Burney Co.'s holdings in Procore Technologies were worth $350,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Capital World Investors grew its holdings in shares of Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after buying an additional 2,555,612 shares during the period. Wellington Management Group LLP bought a new stake in Procore Technologies in the 4th quarter valued at $131,840,000. Champlain Investment Partners LLC bought a new position in Procore Technologies in the 4th quarter valued at about $105,747,000. Alliancebernstein L.P. increased its position in Procore Technologies by 474.3% during the 4th quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company's stock worth $105,614,000 after purchasing an additional 1,164,074 shares in the last quarter. Finally, Norges Bank bought a new position in Procore Technologies in the fourth quarter valued at about $86,387,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

NYSE:PCOR traded down $0.75 during mid-day trading on Tuesday, hitting $75.89. The company's stock had a trading volume of 310,593 shares, compared to its average volume of 1,323,182. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of -88.47 and a beta of 0.89. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The business's fifty day moving average is $69.40 and its two-hundred day moving average is $70.30.

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

Insider Transactions at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the transaction, the insider owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kathryn Bueker sold 7,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total value of $507,010.00. Following the completion of the sale, the director owned 16,932 shares of the company's stock, valued at approximately $1,226,384.76. This represents a 29.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 672,447 shares of company stock worth $43,878,843. Insiders own 29.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PCOR. DA Davidson upgraded Procore Technologies to a "hold" rating in a report on Tuesday, July 22nd. Jefferies Financial Group lowered their target price on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a report on Monday, March 31st. UBS Group decreased their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Robert W. Baird lifted their price objective on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $80.94.

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.