Procore Technologies, Inc. $PCOR Shares Sold by Diversified Trust Co

Key Points

• Diversified Trust Co reduced its stake in Procore Technologies by 26.4%, selling 13,086 shares and owning 36,508 shares valued at $2,498,000 as of the end of the last quarter.
• Institutional investors and hedge funds collectively own 81.10% of Procore Technologies' stock, with notable increases in stakes from firms like the Teacher Retirement System of Texas and Brown Advisory Inc.
• Procore Technologies reported a 13.9% year-over-year revenue increase and exceeded analyst earnings expectations, posting $0.35 earnings per share against an expected $0.24.

Diversified Trust Co lowered its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 26.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,508 shares of the company's stock after selling 13,086 shares during the quarter. Diversified Trust Co's holdings in Procore Technologies were worth $2,498,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its stake in shares of Procore Technologies by 89.5% in the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock valued at $1,318,000 after purchasing an additional 9,428 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Procore Technologies by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after purchasing an additional 497 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Procore Technologies by 87.4% in the 1st quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock valued at $854,000 after purchasing an additional 6,038 shares in the last quarter. Amalgamated Bank raised its stake in shares of Procore Technologies by 4.2% in the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after purchasing an additional 295 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Procore Technologies by 8.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock valued at $508,000 after purchasing an additional 613 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity

In related news, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the completion of the sale, the insider directly owned 97,557 shares of the company's stock, valued at $7,316,775. This represents a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Howard Fu sold 814 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $74.35, for a total transaction of $60,520.90. Following the sale, the chief financial officer directly owned 197,457 shares of the company's stock, valued at approximately $14,680,927.95. This represents a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,817 shares of company stock worth $3,030,624 over the last three months. Corporate insiders own 21.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PCOR shares. Piper Sandler upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Mizuho upped their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Arete assumed coverage on shares of Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 1st. Finally, Stifel Nicolaus boosted their price objective on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One research 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 stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Trading Down 1.9%

Procore Technologies stock opened at $71.33 on Friday. The firm has a 50 day simple moving average of $69.11 and a 200-day simple moving average of $67.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $10.71 billion, a PE ratio of -74.30 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $53.71 and a 12-month high of $88.92.

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, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The business's revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm posted $0.39 earnings per share. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal 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.

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