Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Gerber Kawasaki Wealth & Investment Management

Gerber Kawasaki Wealth & Investment Management reduced its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 2.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,500 shares of the company’s stock after selling 500 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in Procore Technologies were worth $1,033,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PCOR. Bank of New York Mellon Corp lifted its position in Procore Technologies by 311.8% during the first quarter. Bank of New York Mellon Corp now owns 487,908 shares of the company’s stock valued at $28,280,000 after buying an additional 369,427 shares in the last quarter. HighTower Advisors LLC lifted its position in Procore Technologies by 33.1% during the first quarter. HighTower Advisors LLC now owns 15,927 shares of the company’s stock valued at $924,000 after buying an additional 3,959 shares in the last quarter. Citigroup Inc. lifted its position in Procore Technologies by 41.9% during the first quarter. Citigroup Inc. now owns 8,019 shares of the company’s stock valued at $465,000 after buying an additional 2,367 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in Procore Technologies during the first quarter valued at approximately $31,000. Finally, Bank of Montreal Can acquired a new position in Procore Technologies during the first quarter valued at approximately $2,460,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

Procore Technologies stock opened at $63.90 on Wednesday. The company has a market cap of $9.10 billion, a PE ratio of -34.54 and a beta of 0.68. The company has a fifty day moving average price of $67.66 and a two-hundred day moving average price of $62.60. Procore Technologies, Inc. has a 12 month low of $41.80 and a 12 month high of $76.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.53 and a quick ratio of 1.53.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.13. Procore Technologies had a negative net margin of 31.15% and a negative return on equity of 18.16%. The business had revenue of $228.54 million during the quarter, compared to the consensus estimate of $217.69 million. Research analysts expect that Procore Technologies, Inc. will post -1.37 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PCOR shares. JPMorgan Chase & Co. started coverage on shares of Procore Technologies in a research note on Thursday, July 13th. They set an “overweight” rating and a $84.00 price objective on the stock. Canaccord Genuity Group lifted their price objective on shares of Procore Technologies from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. KeyCorp lifted their price objective on shares of Procore Technologies from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 3rd. Barclays lifted their price objective on shares of Procore Technologies from $85.00 to $87.00 and gave the company an “overweight” rating in a research note on Thursday, August 3rd. Finally, DA Davidson lifted their price target on shares of Procore Technologies from $72.00 to $75.00 in a research note on Friday, June 23rd. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $79.07.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 5,826 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $62.97, for a total value of $366,863.22. Following the sale, the insider now directly owns 152,568 shares in the company, valued at $9,607,206.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Procore Technologies news, insider Benjamin C. Singer sold 5,826 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $62.97, for a total transaction of $366,863.22. Following the sale, the insider now owns 152,568 shares in the company, valued at approximately $9,607,206.96. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $62.69, for a total value of $321,474.32. Following the sale, the director now owns 1,635,341 shares in the company, valued at approximately $102,519,527.29. The disclosure for this sale can be found here. Over the last three months, insiders have sold 252,852 shares of company stock worth $16,940,173. 39.20% of the stock is owned by corporate insiders.

About Procore Technologies

Procore Technologies, Inc provides 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 Management, 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.