Canada Pension Plan Investment Board Trims Stake in Procore Technologies, Inc. $PCOR

Key Points

• The Canada Pension Plan Investment Board significantly reduced its stake in Procore Technologies by 57.3%, holding 50,000 shares after selling 67,100 shares during the 1st quarter.
• Despite the reduction from Canada Pension Plan, other institutional investors have increased their positions, with LTS One Management LP investing approximately $8.9 million in Q1.
• Procore Technologies reported earnings of $0.35 per share for the last quarter, exceeding expectations, with revenue of $323.92 million, marking a year-over-year increase of 13.9%.

Canada Pension Plan Investment Board decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 57.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,000 shares of the company's stock after selling 67,100 shares during the quarter. Canada Pension Plan Investment Board's holdings in Procore Technologies were worth $3,301,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its holdings in Procore Technologies by 89.5% in the first quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock worth $1,318,000 after purchasing an additional 9,428 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 in the last quarter. Brown Advisory Inc. increased its holdings in Procore Technologies by 87.4% in the 1st quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock worth $854,000 after buying an additional 6,038 shares in the last quarter. Amalgamated Bank increased its holdings in Procore Technologies by 4.2% in the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after buying an additional 295 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Procore Technologies by 8.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock worth $508,000 after buying an additional 613 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PCOR shares. DA Davidson initiated coverage on Procore Technologies in a research report on Monday, August 4th. They issued a "neutral" rating and a $70.00 target price on the stock. KeyCorp lifted their target price on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Barclays lifted 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, July 14th. JMP Securities reaffirmed a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Friday, August 1st. Finally, Mizuho boosted their target price on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Price Performance

PCOR stock traded up $0.84 during trading on Friday, hitting $70.01. 2,090,888 shares of the company traded hands, compared to its average volume of 1,441,479. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 1 year low of $52.78 and a 1 year high of $88.92. The stock's 50-day simple moving average is $69.23 and its 200 day simple moving average is $68.05.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $311.91 million. During the same period last year, the company earned $0.39 earnings per share. Procore Technologies's quarterly revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,205 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the sale, the insider directly owned 86,366 shares in the company, valued at approximately $5,498,923.22. The trade was a 4.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total value of $509,825.76. Following the completion of the transaction, the director directly owned 1,146,405 shares of the company's stock, valued at approximately $75,983,723.40. This represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 664,449 shares of company stock valued at $43,235,011 over the last ninety days. 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.