Diversified Trust Co Decreases Stock Position in Procore Technologies, Inc. $PCOR

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

Other hedge funds have also bought and sold shares of the company. Two Sigma Investments LP grew its position in shares of Procore Technologies by 5.3% during the 4th quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock valued at $313,000 after purchasing an additional 210 shares in the last quarter. Park Avenue Securities LLC grew its stake in Procore Technologies by 1.7% during the first quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock valued at $854,000 after acquiring an additional 221 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Procore Technologies by 1.8% in the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock worth $981,000 after acquiring an additional 263 shares during the last quarter. TFB Advisors LLC grew its position in shares of Procore Technologies by 8.1% in the 1st quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock worth $234,000 after buying an additional 264 shares during the last quarter. Finally, Procyon Advisors LLC lifted its stake in Procore Technologies by 8.6% during the 1st quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock valued at $232,000 after acquiring an additional 278 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PCOR. JMP Securities reaffirmed a "market perform" rating and set a $95.00 target price on shares of Procore Technologies in a report on Friday, August 1st. Arete initiated coverage on shares of Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. Citizens Jmp cut shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 1st. Stifel Nicolaus raised their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Mizuho raised their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average price target of $83.06.

Insider Buying and Selling

In related news, CFO Howard Fu sold 797 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total transaction of $50,888.45. Following the completion of the sale, the chief financial officer owned 189,457 shares of the company's stock, valued at approximately $12,096,829.45. This represents a 0.42% decrease in their position. The transaction 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 that occurred on Wednesday, September 17th. The stock was sold at an average price of $72.57, for a total transaction of $558,208.44. Following the sale, the director directly owned 1,123,329 shares of the company's stock, valued at approximately $81,519,985.53. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,817 shares of company stock valued at $3,030,624. 21.50% of the stock is currently owned by corporate insiders.

Procore Technologies Price Performance

Shares of NYSE PCOR traded up $3.93 during trading on Tuesday, hitting $74.34. 2,272,540 shares of the company were exchanged, compared to its average volume of 1,465,847. The company has a market cap of $11.16 billion, a price-to-earnings ratio of -77.17 and a beta of 0.90. Procore Technologies, Inc. has a 1 year low of $53.71 and a 1 year high of $88.92. The firm's fifty day moving average price is $69.09 and its 200 day moving average price is $67.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same quarter in the previous year, the company posted $0.39 EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.