Procore Technologies, Inc. $PCOR Shares Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management trimmed its stake in Procore by 13.7%, selling 27,000 shares and holding 169,800 shares worth about $12.35 million after the quarter.
• Insider selling has been notable: Chairman Craig Courtemanche sold 56,122 shares under a pre-arranged Rule 10b5-1 plan, insiders have sold 148,026 shares in the last 90 days, yet insiders still own 21.5% of the company.
• Operational results were mixed — Procore beat estimates with $0.37 EPS (vs. $0.35) and $349.11M revenue (+15.6% YoY) but remains unprofitable with negative net margin and ROE; analysts hold a consensus "Moderate Buy" with an average target of $73.75 despite recent price cuts.

Kornitzer Capital Management Inc. KS lessened its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 13.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 169,800 shares of the company's stock after selling 27,000 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.11% of Procore Technologies worth $12,351,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. grew its position in Procore Technologies by 12.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company's stock worth $240,753,000 after acquiring an additional 360,207 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in Procore Technologies during the 3rd quarter worth approximately $1,442,000. Envestnet Asset Management Inc. grew its position in Procore Technologies by 31.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company's stock worth $30,607,000 after acquiring an additional 99,706 shares during the last quarter. Robinhood Asset Management LLC acquired a new position in Procore Technologies in the fourth quarter worth $7,136,000. Finally, Stephens Investment Management Group LLC boosted its stake in Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company's stock worth $26,627,000 after purchasing an additional 59,923 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Trading Up 5.0%

Shares of PCOR opened at $59.43 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32. The firm has a market capitalization of $8.96 billion, a PE ratio of -88.71 and a beta of 0.78. The stock's fifty day simple moving average is $55.59 and its 200-day simple moving average is $64.65.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. During the same quarter in the prior year, the firm posted $0.01 earnings per share. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, research analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the transaction, the chairman owned 927,580 shares of the company's stock, valued at $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 9,615 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the transaction, the director directly owned 1,012,136 shares in the company, valued at $55,141,169.28. This trade represents a 0.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 148,026 shares of company stock valued at $7,783,734 over the last 90 days. 21.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on PCOR. The Goldman Sachs Group reduced their price objective on Procore Technologies from $90.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday, February 9th. BMO Capital Markets lowered their target price on Procore Technologies from $87.00 to $67.00 and set an "outperform" rating for the company in a research note on Thursday, February 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Zacks Research upgraded Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. Finally, UBS Group lowered their target price on Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a research note on Tuesday, February 3rd. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $73.75.

Procore Technologies Company 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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