Procore Technologies, Inc. $PCOR Shares Sold by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC reduced its stake in Procore Technologies by 8.5%, owning about 0.10% of the company worth approximately $9.71 million after selling 13,682 shares.
• Multiple institutional investors, including the Teacher Retirement System of Texas and Brown Advisory Inc., significantly increased their holdings in Procore Technologies during the same quarter, indicating growing investor interest.
• Procore Technologies reported a quarterly revenue of $323.92 million, exceeding analyst expectations, with a year-over-year revenue growth of 13.9%.

Parnassus Investments LLC lessened its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 8.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 147,079 shares of the company's stock after selling 13,682 shares during the period. Parnassus Investments LLC owned about 0.10% of Procore Technologies worth $9,710,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas increased its holdings in 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 during the last quarter. GAMMA Investing LLC increased its holdings in 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 during 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 valued at $854,000 after purchasing an additional 6,038 shares during 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 valued at $487,000 after purchasing an additional 295 shares during 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 valued at $508,000 after purchasing an additional 613 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 797 shares of the business's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the sale, the chief financial officer directly owned 189,457 shares of the company's stock, valued at $12,096,829.45. The trade was a 0.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total transaction of $509,825.76. Following the completion of the sale, the director directly owned 1,146,405 shares of the company's stock, valued at approximately $75,983,723.40. This trade represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 664,449 shares of company stock valued at $43,235,011. Insiders own 21.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Stifel Nicolaus lifted 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. BMO Capital Markets boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. Piper Sandler boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Robert W. Baird boosted their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Procore Technologies Price Performance

Procore Technologies stock opened at $69.55 on Friday. The stock has a market cap of $10.45 billion, a P/E ratio of -72.45 and a beta of 0.90. The company has a fifty day simple moving average of $69.09 and a 200-day simple moving average of $68.51. Procore Technologies, Inc. has a 12-month low of $52.78 and a 12-month high of $88.92. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping 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 company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities analysts expect that Procore Technologies, Inc. will post -0.15 EPS 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.

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