Jefferies Financial Group Inc. Lowers Position in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Jefferies Financial Group Inc. reduced its holdings in Procore Technologies by 92.8%, selling 139,589 shares and now owning 10,797 shares valued at approximately $713,000.
• Procore Technologies' stock was rated as "Moderate Buy" by analysts, with an average target price of $83.06, following recent adjustments from various firms.
• Insider transactions revealed that corporate insiders sold 672,447 shares worth $43.9 million in the last quarter, contributing to a decline in their ownership to 29% of the company.

Jefferies Financial Group Inc. lessened its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 92.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 10,797 shares of the company's stock after selling 139,589 shares during the period. Jefferies Financial Group Inc.'s holdings in Procore Technologies were worth $713,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PCOR. Vestcor Inc bought a new position in shares of Procore Technologies in the first quarter valued at approximately $1,320,000. Federated Hermes Inc. lifted its holdings in shares of Procore Technologies by 24.8% in the first quarter. Federated Hermes Inc. now owns 260,114 shares of the company's stock valued at $17,173,000 after purchasing an additional 51,652 shares in the last quarter. Norden Group LLC bought a new position in shares of Procore Technologies in the first quarter valued at approximately $232,000. LPL Financial LLC lifted its holdings in shares of Procore Technologies by 16.0% in the first quarter. LPL Financial LLC now owns 27,142 shares of the company's stock valued at $1,792,000 after purchasing an additional 3,743 shares in the last quarter. Finally, Allen Investment Management LLC lifted its holdings in shares of Procore Technologies by 7.3% in the first quarter. Allen Investment Management LLC now owns 5,133 shares of the company's stock valued at $339,000 after purchasing an additional 348 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Scotiabank dropped their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus raised their target price on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a report on Friday, August 1st. JMP Securities reiterated a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a report on Friday, August 1st. DA Davidson assumed coverage on Procore Technologies in a report on Monday, August 4th. They set a "neutral" rating and a $70.00 price target on the stock. Finally, UBS Group dropped their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $83.06.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the transaction, the director directly owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This represents a 0.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathryn Bueker sold 7,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total value of $507,010.00. Following the sale, the director owned 16,932 shares of the company's stock, valued at $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. In the last three months, insiders sold 671,447 shares of company stock worth $43,813,243. Company insiders own 29.00% of the company's stock.

Procore Technologies Price Performance

Procore Technologies stock traded down $1.94 during midday trading on Friday, hitting $62.39. 1,860,498 shares of the company's stock were exchanged, compared to its average volume of 2,278,791. Procore Technologies, Inc. has a 52-week low of $52.60 and a 52-week high of $88.92. The stock has a 50-day moving average price of $69.27 and a two-hundred day moving average price of $69.78. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.29. The company has a market cap of $9.37 billion, a P/E ratio of -64.99 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) 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 firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period in the prior year, the business earned $0.39 EPS. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

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.