HB Wealth Management LLC Has $1.40 Million Stake in Procore Technologies, Inc. $PCOR

HB Wealth Management LLC reduced its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 38.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,473 shares of the company’s stock after selling 15,582 shares during the quarter. HB Wealth Management LLC’s holdings in Procore Technologies were worth $1,395,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PCOR. Brighton Jones LLC bought a new stake in Procore Technologies in the 4th quarter valued at $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after purchasing an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler cut their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. UBS Group cut their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. The Goldman Sachs Group reduced their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Finally, Citizens Jmp raised 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. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.33.

Procore Technologies Price Performance

NYSE:PCOR opened at $44.83 on Wednesday. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. 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 firm’s 50-day simple moving average is $46.62 and its 200 day simple moving average is $55.31. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -87.90 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data 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 business had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same period in the prior year, the firm earned $0.23 EPS. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at $41,515,438.56. The trade was a 5.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% 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. Over the last ninety days, insiders sold 195,390 shares of company stock worth $9,296,366. Company insiders own 16.80% of the company’s stock.

Procore Technologies 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.