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

Procore Technologies, Inc. (NYSE:PCOR) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 11,548,183 shares, a decrease of 16.5% from the March 31st total of 13,822,402 shares. Approximately 9.8% of the company’s stock are short sold. Based on an average daily trading volume, of 2,450,756 shares, the days-to-cover ratio is presently 4.7 days.

Analyst Ratings Changes

Several analysts have issued reports on PCOR shares. TD Cowen dropped their price target 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. Barclays cut 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. DA Davidson cut their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Piper Sandler cut their price objective on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Finally, BTIG Research reissued a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, March 11th. Fifteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.75.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the sale, the director directly owned 1,012,136 shares in the company, valued at $55,141,169.28. This represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 148,026 shares of company stock worth $7,783,734 over the last quarter. 21.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its holdings in shares of Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after purchasing an additional 1,486,153 shares during the last quarter. Holocene Advisors LP increased its holdings in shares of Procore Technologies by 245.9% in the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock valued at $144,906,000 after purchasing an additional 1,412,721 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Procore Technologies in the fourth quarter valued at $82,739,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Up 5.0%

PCOR traded up $2.85 during trading on Friday, reaching $59.43. 2,372,734 shares of the stock were exchanged, compared to its average volume of 2,100,109. The stock has a market cap of $8.96 billion, a P/E ratio of -88.71 and a beta of 0.78. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $82.32. The stock’s 50 day moving average price is $55.59 and its two-hundred day moving average price is $64.65. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.01 earnings per share. Equities analysts expect that Procore Technologies will post 0.09 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.