Procore Technologies, Inc. $PCOR Shares Sold by Tikvah Management LLC

Key Points

• Tikvah Management LLC reduced its stake in Procore Technologies by 19.4%, now owning 265,939 shares valued at approximately $17.56 million.
• Recent analysts' reports have raised price targets for Procore Technologies, with Mizuho setting a target of $70.00 and KeyCorp adjusting theirs to $81.00.
• Procore Technologies reported $0.35 EPS for the last quarter, exceeding expectations and marking a 13.9% year-over-year revenue increase.

Tikvah Management LLC lessened its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 19.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 265,939 shares of the company's stock after selling 64,050 shares during the period. Procore Technologies comprises 6.2% of Tikvah Management LLC's investment portfolio, making the stock its 6th biggest holding. Tikvah Management LLC owned about 0.18% of Procore Technologies worth $17,557,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ancora Advisors LLC boosted its stake in Procore Technologies by 10,625.0% in the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after acquiring an additional 850 shares in the last quarter. Versant Capital Management Inc boosted its stake in Procore Technologies by 174.2% in the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after acquiring an additional 636 shares in the last quarter. GeoWealth Management LLC acquired a new stake in Procore Technologies during the 4th quarter worth $78,000. Signaturefd LLC boosted its stake in Procore Technologies by 53.4% during the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after purchasing an additional 419 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Procore Technologies by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after purchasing an additional 497 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of recent research reports. Mizuho increased their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Arete initiated coverage on shares of Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price target for the company. KeyCorp increased their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Barclays increased their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, UBS Group decreased their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Insider Buying and Selling at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the sale, the insider directly owned 3,137,255 shares in the company, valued at $203,168,633.80. The trade was a 5.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Lawrence Joseph Stack sold 2,500 shares of Procore Technologies stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $65.33, for a total transaction of $163,325.00. Following the sale, the executive owned 208,288 shares of the company's stock, valued at approximately $13,607,455.04. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 656,755 shares of company stock worth $42,751,179. 21.50% of the stock is currently owned by insiders.

Procore Technologies Stock Performance

Shares of PCOR opened at $65.37 on Monday. The company has a 50-day simple moving average of $68.96 and a 200-day simple moving average of $69.10. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $9.82 billion, a PE ratio of -68.09 and a beta of 0.90. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period last year, the company posted $0.39 EPS. The company's revenue was up 13.9% on a year-over-year basis. Equities research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.

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