Hsbc Holdings PLC Sells 36,485 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Hsbc Holdings PLC significantly reduced its stake in Procore Technologies by 90.3%, owning only 3,911 shares after selling 36,485 shares in the first quarter.
• Multiple institutional investors are adjusting their positions, with JPMorgan Chase & Co. increasing its holdings by 84.5% during the same period.
• Procore Technologies reported a 13.9% year-over-year revenue increase, totaling $323.92 million, surpassing analyst expectations for the quarter.

Hsbc Holdings PLC cut its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 90.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,911 shares of the company's stock after selling 36,485 shares during the quarter. Hsbc Holdings PLC's holdings in Procore Technologies were worth $259,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Two Sigma Investments LP raised its position in Procore Technologies by 5.3% in the fourth 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 during the last quarter. Park Avenue Securities LLC raised its position in Procore Technologies by 1.7% in the first quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock valued at $854,000 after purchasing an additional 221 shares during the last quarter. Xponance Inc. raised its position in shares of Procore Technologies by 1.8% during the first 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. Procyon Advisors LLC raised its position in shares of Procore Technologies by 8.6% during the first quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock worth $232,000 after acquiring an additional 278 shares during the last quarter. Finally, Amalgamated Bank raised its position in shares of Procore Technologies by 4.2% during the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after acquiring an additional 295 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PCOR. Citizens Jmp downgraded Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 1st. Piper Sandler raised their price objective on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. DA Davidson began coverage on Procore Technologies in a research report on Monday, August 4th. They set a "neutral" rating and a $70.00 price objective for the company. KeyCorp raised their price objective on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Arete began coverage on Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.06.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,205 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 86,366 shares in the company, valued at $5,498,923.22. The trade was a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total value of $509,825.76. Following the transaction, the director owned 1,146,405 shares of the company's stock, valued at approximately $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 664,449 shares of company stock worth $43,235,011 over the last ninety days. 21.50% of the stock is currently owned by company insiders.

Procore Technologies Stock Down 0.7%

Procore Technologies stock traded down $0.51 during mid-day trading on Wednesday, reaching $69.52. The stock had a trading volume of 105,152 shares, compared to its average volume of 1,461,880. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. Procore Technologies, Inc. has a fifty-two week low of $52.78 and a fifty-two week high of $88.92. The stock's 50-day simple moving average is $69.28 and its 200-day simple moving average is $67.75. The firm has a market capitalization of $10.44 billion, a PE ratio of -72.40 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share 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 for the quarter, compared to analyst estimates of $311.91 million. During the same quarter last 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. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts forecast 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.