Wasatch Advisors LP Reduces Stock Position in Procore Technologies, Inc. $PCOR

Key Points

• Wasatch Advisors cut its Procore Technologies position by 35.6% in the second quarter, selling 1.05 million shares and retaining 1.91 million shares valued at approximately $77.4 million. Hedge funds and institutional investors collectively own 81.1% of PCOR.
• Procore reported quarterly revenue of $375.2 million, up 15.8% year over year, and EPS of $0.47, exceeding analysts’ estimates of $0.42. The company continues to have a slightly negative net margin.
• Wall Street maintains a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $70.44, despite several analysts recently reducing or adjusting their targets.

Wasatch Advisors LP lessened its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 35.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,905,647 shares of the company's stock after selling 1,051,216 shares during the period. Wasatch Advisors LP owned 1.26% of Procore Technologies worth $77,407,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Handelsbanken Fonder AB increased its stake in Procore Technologies by 145.0% during the second quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company's stock worth $2,169,000 after acquiring an additional 31,600 shares during the last quarter. First Bank & Trust grew its holdings in Procore Technologies by 62.1% during the 2nd quarter. First Bank & Trust now owns 10,157 shares of the company's stock valued at $413,000 after purchasing an additional 3,893 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company's stock worth $178,653,000 after purchasing an additional 2,146,182 shares during the period. Versant Capital Management Inc lifted its stake in Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock worth $64,000 after purchasing an additional 529 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Procore Technologies during the first quarter valued at approximately $563,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Up 1.0%

Shares of Procore Technologies stock opened at $58.78 on Wednesday. The company has a market cap of $8.93 billion, a P/E ratio of -226.07 and a beta of 0.70. The firm's 50 day moving average price is $45.85 and its 200-day moving average price is $51.18. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. Procore Technologies's revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, equities research analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. 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 3,942 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 156,577 shares of company stock worth $7,194,317. 16.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PCOR shares. Jefferies Financial Group cut their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, July 21st. Piper Sandler lowered their target price on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Barclays lifted their price objective on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. BMO Capital Markets boosted their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, UBS Group increased their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and a consensus price target of $70.44.

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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