Versor Investments LP Decreases Stake in Procore Technologies, Inc. $PCOR

Versor Investments LP lowered its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 70.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,160 shares of the company’s stock after selling 12,153 shares during the quarter. Versor Investments LP’s holdings in Procore Technologies were worth $353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock worth $35,000 after purchasing an additional 385 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of Procore Technologies in the first quarter worth $49,000. Hilltop National Bank bought a new stake in shares of Procore Technologies in the second quarter worth $62,000. Signaturefd LLC grew its holdings in shares of Procore Technologies by 53.4% in the first quarter. Signaturefd LLC now owns 1,203 shares of the company’s stock worth $79,000 after acquiring an additional 419 shares during the period. Finally, AlphaQuest LLC grew its holdings in shares of Procore Technologies by 58.7% in the first quarter. AlphaQuest LLC now owns 1,858 shares of the company’s stock worth $123,000 after acquiring an additional 687 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Activity

In other news, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total value of $509,825.76. Following the transaction, the director directly owned 1,146,405 shares in the company, valued at $75,983,723.40. The trade was a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Howard Fu sold 814 shares of the business’s stock in a transaction dated Tuesday, October 21st. The shares were sold at an average price of $72.34, for a total value of $58,884.76. Following the completion of the transaction, the chief financial officer owned 187,847 shares in the company, valued at $13,588,851.98. The trade was a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,724 shares of company stock worth $2,122,519 over the last ninety days. Corporate insiders own 21.50% of the company’s stock.

Analyst Ratings Changes

PCOR has been the subject of several research analyst reports. Mizuho lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Robert W. Baird lifted their price objective on Procore Technologies from $83.00 to $88.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. DA Davidson initiated coverage on Procore Technologies in a report on Monday, August 4th. They issued a “neutral” rating and a $70.00 price objective for the company. JMP Securities reaffirmed a “market perform” rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a report on Wednesday, October 8th. Fifteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $83.11.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $71.50 on Thursday. The stock’s 50-day simple moving average is $71.83 and its 200-day simple moving average is $69.14. Procore Technologies, Inc. has a 52 week low of $53.71 and a 52 week high of $88.92. The company has a market capitalization of $10.74 billion, a price-to-earnings ratio of -74.47 and a beta of 0.90. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The business had revenue of $172.21 million during the quarter. As a group, analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share 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.