Gavilan Investment Partners LLC Sells 35,000 Shares of Procore Technologies, Inc. $PCOR

Gavilan Investment Partners LLC cut its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 8.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 385,000 shares of the company’s stock after selling 35,000 shares during the period. Procore Technologies makes up approximately 5.9% of Gavilan Investment Partners LLC’s investment portfolio, making the stock its 11th largest position. Gavilan Investment Partners LLC owned about 0.26% of Procore Technologies worth $21,945,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PCOR. SJS Investment Consulting Inc. increased its position in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the third quarter valued at about $34,000. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the fourth quarter worth about $41,000. Allworth Financial LP lifted its position in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new stake in Procore Technologies during the fourth quarter worth about $54,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

PCOR stock opened at $41.18 on Friday. The stock has a 50-day moving average price of $44.56 and a 200-day moving average price of $52.78. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The firm has a market cap of $6.21 billion, a PE ratio of -80.75 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the previous year, the firm earned $0.23 EPS. The firm’s revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,775 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. The trade was a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 189,621 shares of company stock worth $8,791,847. Insiders own 16.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group decreased their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Piper Sandler dropped their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a research report on Wednesday, April 29th. Finally, Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $70.47.

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.