Procore Technologies, Inc. $PCOR Shares Sold by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors LLC cut its Procore Technologies position by 73% in the second quarter, selling 37,057 shares and retaining 13,692 shares valued at approximately $556,000. Institutional investors collectively own 81.1% of PCOR.
• Procore reported quarterly revenue of $375.21 million and adjusted earnings of $0.47 per share, exceeding analyst expectations of $365.82 million and $0.42, respectively. Revenue increased 15.8% year over year.
• PCOR traded at $51.33, while analysts maintained an overall “Buy” consensus and an average price target of $70.12; however, insiders sold 220,348 shares worth about $11.6 million during the last quarter.

Sequoia Financial Advisors LLC reduced its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 73.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,692 shares of the company's stock after selling 37,057 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Procore Technologies were worth $556,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Whetstone Capital Advisors LLC acquired a new stake in Procore Technologies during the 2nd quarter worth $1,990,000. Engineers Gate Manager LP acquired a new position in shares of Procore Technologies during the 2nd quarter valued at about $971,000. Squarepoint Ops LLC grew its holdings in shares of Procore Technologies by 21.6% in the second quarter. Squarepoint Ops LLC now owns 305,837 shares of the company's stock valued at $12,423,000 after purchasing an additional 54,285 shares during the period. Arizona State Retirement System grew its holdings in shares of Procore Technologies by 3.8% in the second quarter. Arizona State Retirement System now owns 32,098 shares of the company's stock valued at $1,304,000 after purchasing an additional 1,162 shares during the period. Finally, Nykredit A S acquired a new stake in Procore Technologies during the second quarter worth about $145,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Down 0.8%

NYSE:PCOR opened at $51.33 on Friday. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The stock's 50 day moving average price is $54.54 and its 200 day moving average price is $51.95. The company has a market capitalization of $7.80 billion, a PE ratio of -197.42 and a beta of 0.74.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company's revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 earnings per share. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Insider Activity

In other Procore Technologies news, Director Elisa Steele sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the sale, the director directly owned 58,371 shares of the company's stock, valued at $3,677,373. This represents a 2.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin Singer sold 3,943 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares of the company's stock, valued at $5,507,078.85. This trade represents a 4.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 220,348 shares of company stock worth $11,591,165 over the last quarter. 16.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. BTIG Research reissued a "buy" rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. Zacks Research upgraded shares of Procore Technologies from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 3rd. Cantor Fitzgerald began coverage on Procore Technologies in a research report on Tuesday, September 15th. They set an "overweight" rating and a $65.00 price objective for the company. Jefferies Financial Group reduced their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, July 21st. Finally, Barclays increased their price objective on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Procore Technologies currently has a consensus rating of "Buy" and an average price target of $70.12.

About Procore Technologies

Procore Technologies, Inc NYSE: PCOR provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company's products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.

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