Sequoia Financial Advisors LLC Raises Stock Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Sequoia Financial Advisors increased its Procore Technologies stake by 130.2% in the first quarter, ending with 50,749 shares worth about $2.89 million.
• Institutional ownership remains high, with 81.10% of Procore stock held by hedge funds and other institutional investors. Several other firms also added to or initiated positions in the company.
• Procore’s latest quarter showed revenue growth of 15.7% year over year to $359.28 million, but EPS of $0.34 missed estimates by $0.02. Analysts still rate the stock a Moderate Buy, though some recently cut price targets.

Sequoia Financial Advisors LLC grew its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 130.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,749 shares of the company's stock after acquiring an additional 28,705 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Procore Technologies were worth $2,893,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC purchased a new position in Procore Technologies during the 4th quarter worth $511,000. Goldman Sachs Group Inc. raised its holdings in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock valued at $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock worth $23,156,000 after buying an additional 52,507 shares during the period. Prudential Financial Inc. boosted its stake in shares of Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after buying an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings 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 buying an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Stock Up 1.7%

Procore Technologies stock opened at $44.08 on Tuesday. The stock's 50 day moving average price is $45.65 and its 200 day moving average price is $54.44. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The company has a market cap of $6.65 billion, a PE ratio of -86.44 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.

Procore Technologies (NYSE:PCOR - Get Free Report) last released 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 business had revenue of $359.28 million during the quarter, compared to analysts' expectations of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company's revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS. On average, sell-side analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on PCOR. UBS Group reduced their price objective on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a research note on Wednesday, May 6th. Barclays dropped their target price on Procore Technologies from $65.00 to $50.00 and set an "overweight" rating on the stock in a report on Monday. Zacks Research raised Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Piper Sandler lowered their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Fourteen 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 company. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.33.

Insider Activity at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the sale, the chairman owned 919,704 shares of the company's stock, valued at approximately $41,515,438.56. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the transaction, the director directly owned 967,901 shares of the company's stock, valued at approximately $40,584,088.93. This trade represents a 0.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 139,268 shares of company stock worth $6,622,714 over the last 90 days. Company insiders own 16.80% of the company's stock.

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. 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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