GW&K Investment Management LLC Reduces Holdings in Procore Technologies, Inc. $PCOR

GW&K Investment Management LLC trimmed its stake in Procore Technologies, Inc. (NYSE:PCOR) by 2.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,040,683 shares of the company’s stock after selling 30,188 shares during the period. GW&K Investment Management LLC’s holdings in Procore Technologies were worth $75,700,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PCOR. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the 3rd quarter worth $34,000. Jones Financial Companies Lllp grew its position in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 4th quarter worth $41,000. Allworth Financial LP grew its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas purchased a new position in Procore Technologies during the 4th quarter worth $54,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Down 3.4%

PCOR stock opened at $45.78 on Wednesday. Procore Technologies, Inc. has a one year low of $44.70 and a one year high of $82.32. The stock has a market capitalization of $6.91 billion, a PE ratio of -89.76 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The company has a fifty day moving average of $51.82 and a 200-day moving average of $59.96.

Procore Technologies (NYSE:PCOR) last released its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter last year, the business posted $0.23 EPS. The firm’s revenue was up 15.7% on a year-over-year basis. As a group, analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman owned 927,580 shares in the company, valued at approximately $47,362,234.80. This trade represents a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares of the company’s stock, valued at $4,836,150. This trade represents a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 121,955 shares of company stock worth $6,030,964. Company insiders own 16.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on PCOR shares. UBS Group lowered their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Canaccord Genuity Group lowered their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Barclays lowered their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Finally, Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a research report on Wednesday, April 29th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.56.

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.