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

Key Points

• Victory Capital reduced its stake by 12.1%, selling 33,153 shares and now holds 241,293 Procore shares worth about $17.6 million (≈0.16% of the company).
• Company insiders sold 314,098 shares (~$22.2M) in the last 90 days, including Director William J.G. Griffith (207,474 shares) and Chairman Craig F. Jr. Courtemanche (75,000 shares), though insiders still own 21.5% of the stock.
• Analysts have trimmed price targets but the consensus remains a "Moderate Buy" with an average target of $76.95; the stock trades near $57.49 after a quarter that beat revenue and EPS estimates but the company remains unprofitable (negative net margin).

Victory Capital Management Inc. reduced its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 12.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 241,293 shares of the company's stock after selling 33,153 shares during the period. Victory Capital Management Inc. owned approximately 0.16% of Procore Technologies worth $17,595,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc grew its holdings in shares of Procore Technologies by 23.6% during the third quarter. Versant Capital Management Inc now owns 938 shares of the company's stock worth $68,000 after buying an additional 179 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock valued at $35,000 after purchasing an additional 199 shares during the period. George Kaiser Family Foundation increased its holdings in shares of Procore Technologies by 1.0% in the second quarter. George Kaiser Family Foundation now owns 23,168 shares of the company's stock valued at $1,585,000 after purchasing an additional 240 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after purchasing an additional 269 shares during the last quarter. Finally, Harbor Investment Advisory LLC raised its stake in shares of Procore Technologies by 25.3% during the third quarter. Harbor Investment Advisory LLC now owns 1,343 shares of the company's stock worth $98,000 after purchasing an additional 271 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the transaction, the director directly owned 3,244,546 shares of the company's stock, valued at approximately $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the business's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $72.70, for a total value of $5,452,500.00. Following the sale, the chairman directly owned 1,155,480 shares in the company, valued at $84,003,396. This trade represents a 6.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 314,098 shares of company stock valued at $22,229,482 in the last 90 days. 21.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PCOR. UBS Group lowered their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, February 3rd. Stifel Nicolaus cut their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating for the company in a research report on Friday, February 13th. Piper Sandler reduced their target price on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating for the company in a research note on Friday, February 13th. BTIG Research lowered their target price on shares of Procore Technologies from $88.00 to $66.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Finally, Canaccord Genuity Group cut their price target on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $76.95.

Procore Technologies Trading Down 2.1%

NYSE:PCOR opened at $57.49 on Wednesday. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a fifty day moving average price of $60.36 and a two-hundred day moving average price of $68.54. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of -85.80 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business had revenue of $349.11 million for the quarter, compared to analysts' expectations of $340.80 million. During the same period in the prior year, the company posted $0.01 EPS. The business's revenue for the quarter was up 15.6% on a year-over-year basis. As a group, sell-side analysts anticipate 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. 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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