Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its holdings in Procore Technologies by 2.1%, owning approximately 11.6 million shares valued at $768.8 million after selling 255,177 shares.
• Procore Technologies reported $0.35 earnings per share for the last quarter, which exceeded analyst expectations of $0.24, with revenue increasing by 13.9% year-over-year to $323.92 million.
• Several analysts have adjusted their price targets on Procore Technologies; Barclays raised its target to $82.00, while JMP Securities set a price target of $95.00.

Vanguard Group Inc. lessened its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 2.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 11,645,160 shares of the company's stock after selling 255,177 shares during the quarter. Vanguard Group Inc. owned about 7.81% of Procore Technologies worth $768,813,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Ancora Advisors LLC raised its stake in shares of Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after purchasing an additional 850 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after buying an additional 636 shares in the last quarter. GeoWealth Management LLC acquired a new stake in shares of Procore Technologies in the 4th quarter worth approximately $78,000. Signaturefd LLC boosted its holdings in shares of Procore Technologies by 53.4% in the first quarter. Signaturefd LLC now owns 1,203 shares of the company's stock valued at $79,000 after acquiring an additional 419 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Procore Technologies by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after acquiring an additional 497 shares during the period. Institutional investors own 81.10% of the company's stock.

Insider Activity

In other Procore Technologies news, Director William J.G. Griffith sold 309,168 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 value of $20,021,719.68. Following the transaction, the director owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 814 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $74.35, for a total transaction of $60,520.90. Following the completion of the sale, the chief financial officer owned 197,457 shares of the company's stock, valued at approximately $14,680,927.95. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 656,755 shares of company stock worth $42,751,179. Corporate insiders own 21.50% of the company's stock.

Procore Technologies Trading Up 2.1%

Procore Technologies stock opened at $62.92 on Wednesday. Procore Technologies, Inc. has a 52 week low of $52.78 and a 52 week high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of -65.54 and a beta of 0.90. The company has a 50 day moving average price of $69.11 and a 200 day moving average price of $69.50.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $311.91 million. During the same quarter in the prior year, the company earned $0.39 earnings per share. The company's revenue for the quarter was up 13.9% on a year-over-year basis. Research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Barclays upped their target price on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. DA Davidson initiated coverage on Procore Technologies in a report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price objective for the company. KeyCorp lifted their target price on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. BMO Capital Markets boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, JMP Securities reissued a "market perform" rating and issued a $95.00 price target on shares of Procore Technologies in a report on Friday, August 1st. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

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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