Short Interest in Procore Technologies, Inc. (NYSE:PCOR) Declines By 16.5%

Key Points

• Short interest fell 16.5% in April to 11,548,183 shares, equal to 9.8% of shares sold short and a short-interest ratio of 4.7 days.
• Company insiders sold 148,026 shares in the last quarter, including Chairman Craig Courtemanche's sale of 56,122 shares, though insiders still own 21.5% of the stock.
• Analysts remain broadly positive with a consensus "Moderate Buy" (15 Buys, 3 Holds, 1 Sell) and an average price target of $73.75, and Procore recently beat EPS while reporting 15.6% year-over-year revenue growth.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) saw a large drop in short interest during the month of April. As of April 15th, there was short interest totaling 11,548,183 shares, a drop of 16.5% from the March 31st total of 13,822,402 shares. Based on an average trading volume of 2,450,756 shares, the short-interest ratio is currently 4.7 days. Currently, 9.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group dropped their price target on shares of Procore Technologies from $87.00 to $74.00 and set a "buy" rating on the stock in a research note on Tuesday, February 3rd. KeyCorp reduced their price objective on Procore Technologies from $91.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. BTIG Research restated a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, March 11th. Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. Finally, The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $90.00 to $75.00 and set a "buy" rating for the company in a report on Monday, February 9th. Fifteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $73.75.

Insider Buying and Selling

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the completion of the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $44,189,911.20. The trade was a 5.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the sale, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 148,026 shares of company stock worth $7,783,734. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. SJS Investment Consulting Inc. grew its holdings in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after acquiring an additional 426 shares during the period. Global Retirement Partners LLC increased its holdings in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock valued at $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter valued at about $34,000. Jones Financial Companies Lllp boosted its holdings in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after buying an additional 199 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in Procore Technologies during the fourth quarter worth $41,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $59.90 on Friday. The firm has a market capitalization of $9.03 billion, a PE ratio of -89.67 and a beta of 0.85. Procore Technologies has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The stock's 50-day simple moving average is $55.59 and its 200-day simple moving average is $64.65.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same quarter last year, the business posted $0.01 EPS. The firm's quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts forecast that Procore Technologies will post 0.09 EPS for the current fiscal 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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