JPMorgan Chase & Co. Has $21.65 Million Position in Procore Technologies, Inc. $PCOR

JPMorgan Chase & Co. cut its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 91.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 296,841 shares of the company’s stock after selling 2,985,741 shares during the quarter. JPMorgan Chase & Co.’s holdings in Procore Technologies were worth $21,646,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PCOR. Global Retirement Partners LLC lifted its stake in Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after buying an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the third quarter worth $34,000. Jones Financial Companies Lllp raised its holdings in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the period. First Horizon Corp bought a new stake in Procore Technologies in the 3rd quarter valued at $49,000. Finally, Atlantic Union Bankshares Corp acquired a new position in Procore Technologies in the 3rd quarter worth $57,000. 81.10% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 814 shares of the stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.99, for a total value of $59,413.86. Following the transaction, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. This represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Connor Kevin J. O sold 9,615 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $54.48, for a total transaction of $523,825.20. Following the sale, the director owned 1,012,136 shares of the company’s stock, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 333,713 shares of company stock worth $23,704,857 in the last quarter. Company insiders own 21.50% of the company’s stock.

Procore Technologies Price Performance

Shares of PCOR opened at $55.03 on Monday. Procore Technologies, Inc. has a 1-year low of $46.08 and a 1-year high of $82.32. The company has a market cap of $8.26 billion, a price-to-earnings ratio of -82.13 and a beta of 0.90. The company’s fifty day simple moving average is $62.68 and its 200 day simple moving average is $68.92. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.Procore Technologies’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. On average, research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCOR has been the topic of several recent research reports. Canaccord Genuity Group dropped their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Piper Sandler cut their target price on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, TD Cowen boosted their price objective on shares of Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.95.

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.