Procore Technologies, Inc. $PCOR Position Trimmed by Truist Financial Corp

Truist Financial Corp decreased its position in Procore Technologies, Inc. (NYSE:PCOR) by 51.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 37,584 shares of the company’s stock after selling 39,848 shares during the quarter. Truist Financial Corp’s holdings in Procore Technologies were worth $2,734,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP lifted its holdings in Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after purchasing an additional 360,207 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Down 3.9%

Shares of PCOR stock opened at $48.14 on Wednesday. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The firm has a market cap of $7.26 billion, a PE ratio of -94.39 and a beta of 0.78. The stock has a 50 day moving average of $55.54 and a 200-day moving average of $63.70. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter last year, the firm earned $0.23 earnings per share. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, equities analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Stifel Nicolaus reduced their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Piper Sandler reduced their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Finally, DA Davidson reduced their target price on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $72.56.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 4,225 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at $3,233,000. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total value of $2,673,652.08. Following the transaction, the chairman owned 927,580 shares of the company’s stock, valued at approximately $44,189,911.20. This trade represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,026 shares of company stock worth $7,783,734 over the last three months. 16.80% of the stock is currently owned by insiders.

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.