Procore Technologies, Inc. $PCOR Stake Reduced by Truist Financial Corp

Key Points

• Truist Financial Corp cut its Procore Technologies stake by 51.5% in the fourth quarter, selling 39,848 shares and leaving it with 37,584 shares worth about $2.73 million.
• Procore reported Q1 revenue of $359.28 million, beating estimates, but EPS of $0.34 missed expectations by $0.02. Revenue still rose 15.7% year over year, though the company remained unprofitable.
• Analysts remain generally constructive despite recent cuts to price targets: the stock carries a “Moderate Buy” consensus with an average target price of $72.56. Several firms, including Goldman Sachs, Canaccord, Stifel, and TD Cowen, lowered targets, while insiders also sold shares during the quarter.

Truist Financial Corp cut its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 51.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,584 shares of the company's stock after selling 39,848 shares during the quarter. Truist Financial Corp's holdings in Procore Technologies were worth $2,734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Versant Capital Management Inc raised its position in Procore Technologies by 23.6% in the third quarter. Versant Capital Management Inc now owns 938 shares of the company's stock worth $68,000 after acquiring an additional 179 shares in the last quarter. Jones Financial Companies Lllp raised its position in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after acquiring an additional 199 shares in the last quarter. Intellectus Partners LLC raised its position in Procore Technologies by 1.6% in the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock worth $912,000 after acquiring an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after acquiring an additional 202 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after acquiring an additional 269 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Price Performance

NYSE PCOR opened at $48.14 on Wednesday. The stock's 50-day moving average price is $55.54 and its two-hundred day moving average price is $63.70. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The company has a market cap of $7.26 billion, a PE ratio of -94.39 and a beta of 0.78. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies's quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS. On average, analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated 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. The trade was a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the transaction, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 148,026 shares of company stock worth $7,783,734. Company insiders own 16.80% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on PCOR. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Canaccord Genuity Group dropped their price target on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Stifel Nicolaus dropped their price target on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. TD Cowen dropped their price target on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 21st. Finally, Wall Street Zen downgraded Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and an average target price of $72.56.

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. 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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