Wasatch Advisors LP Sells 1,278,561 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Wasatch Advisors LP cut its Procore Technologies stake by 30.2% in Q1, selling 1,278,561 shares and leaving it with 2,956,863 shares valued at about $168.5 million.
• Several insiders also sold shares, including Chairman Craig F. Jr. Courtemanche and Director Connor Kevin J. O, with insider selling totaling 189,621 shares over the past 90 days.
• Analysts remain broadly positive on PCOR, with a consensus rating of Moderate Buy and an average price target of $71.33, even though the stock recently traded at $41.80 and the company posted mixed quarterly results.

Wasatch Advisors LP reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 30.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,956,863 shares of the company's stock after selling 1,278,561 shares during the quarter. Wasatch Advisors LP owned approximately 1.97% of Procore Technologies worth $168,541,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PCOR. Blue Owl Capital Holdings LP bought a new stake in shares of Procore Technologies in the 4th quarter valued at about $6,857,000. Robinhood Asset Management LLC purchased a new position in shares of Procore Technologies in the 4th quarter worth approximately $7,136,000. Spyglass Capital Management LLC raised its stake in shares of Procore Technologies by 5.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company's stock worth $68,828,000 after acquiring an additional 45,790 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in shares of Procore Technologies by 20.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company's stock worth $32,048,000 after acquiring an additional 75,436 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock worth $3,332,000 after acquiring an additional 23,555 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the transaction, the chairman directly owned 919,704 shares of the company's stock, valued at $41,515,438.56. This represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $42.00, for a total value of $242,298.00. Following the completion of the transaction, the director directly owned 973,670 shares in the company, valued at approximately $40,894,140. The trade was 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 have sold 189,621 shares of company stock valued at $9,054,472 over the last ninety days. 16.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. BTIG Research restated a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a research note on Wednesday, May 6th. Zacks Research raised Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. UBS Group decreased their price objective on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, TD Cowen dropped their target price on Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. Fourteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.33.

Procore Technologies Stock Up 9.1%

NYSE:PCOR opened at $41.80 on Friday. The company has a market cap of $6.31 billion, a PE ratio of -81.95 and a beta of 0.73. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. 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's 50 day moving average is $48.34 and its two-hundred day moving average is $57.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 5.61% and a negative return on equity of 2.24%. The company's revenue for the quarter 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. Analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current year.

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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