Russell Investments Group Ltd. Sells 150,883 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in Procore Technologies by 95.5%, now holding only 7,043 shares worth approximately $465,000.
• Institutional investments in Procore Technologies are mixed, with some firms like Ancora Advisors increasing their positions by 10,625.0% while others have made various adjustments during the first quarter.
• Analysts have raised price targets for Procore Technologies, with KeyCorp and Piper Sandler setting targets of $81.00 and $82.00, respectively, reflecting overall positive sentiment with an average rating of "Moderate Buy".

Russell Investments Group Ltd. reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 95.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,043 shares of the company's stock after selling 150,883 shares during the period. Russell Investments Group Ltd.'s holdings in Procore Technologies were worth $465,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PCOR. JPMorgan Chase & Co. grew its holdings in shares of Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after acquiring an additional 1,492,869 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Procore Technologies by 134.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock valued at $77,901,000 after acquiring an additional 660,726 shares in the last quarter. Durable Capital Partners LP purchased a new position in shares of Procore Technologies during the 4th quarter valued at $33,726,000. Nuveen LLC purchased a new position in shares of Procore Technologies during the 1st quarter valued at $26,224,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after acquiring an additional 322,367 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Procore Technologies

In related news, CRO Lawrence Joseph Stack sold 2,500 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $65.33, for a total value of $163,325.00. Following the completion of the transaction, the executive owned 208,288 shares of the company's stock, valued at $13,607,455.04. This represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 8,035 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the transaction, the director directly owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This trade represents a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 664,449 shares of company stock valued at $43,235,011 in the last three months. Company insiders own 21.50% of the company's stock.

Procore Technologies Stock Performance

PCOR stock traded up $0.88 during mid-day trading on Thursday, reaching $69.50. 391,303 shares of the stock traded hands, compared to its average volume of 1,464,487. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $52.78 and a 52 week high of $88.92. The business has a 50-day moving average of $69.16 and a two-hundred day moving average of $68.30. The firm has a market capitalization of $10.44 billion, a PE ratio of -72.29 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating 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 company had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period in the prior year, the company earned $0.39 earnings per share. The business's quarterly revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Mizuho boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Friday, August 1st. JMP Securities reaffirmed a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Friday, August 1st. Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. Robert W. Baird lifted their price objective on shares of Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, KeyCorp lifted their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Procore Technologies 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.