Procore Technologies, Inc. (NYSE:PCOR) Stock Holdings Lessened by Merit Financial Group LLC

Merit Financial Group LLC cut its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 46.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,056 shares of the company’s stock after selling 2,637 shares during the period. Merit Financial Group LLC’s holdings in Procore Technologies were worth $212,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Ellsworth Advisors LLC lifted its holdings in shares of Procore Technologies by 3.0% during the 4th quarter. Ellsworth Advisors LLC now owns 5,901 shares of the company’s stock valued at $408,000 after buying an additional 170 shares during the last quarter. Portside Wealth Group LLC lifted its stake in Procore Technologies by 7.5% in the third quarter. Portside Wealth Group LLC now owns 3,311 shares of the company’s stock valued at $215,000 after acquiring an additional 231 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Procore Technologies by 8.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 4,167 shares of the company’s stock worth $272,000 after acquiring an additional 316 shares in the last quarter. Parnassus Investments LLC increased its stake in shares of Procore Technologies by 4.6% during the 3rd quarter. Parnassus Investments LLC now owns 7,686 shares of the company’s stock worth $502,000 after purchasing an additional 337 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of Procore Technologies by 5.7% during the 4th quarter. Venturi Wealth Management LLC now owns 7,557 shares of the company’s stock valued at $523,000 after purchasing an additional 408 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PCOR shares. JPMorgan Chase & Co. raised their target price on Procore Technologies from $83.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. KeyCorp raised their price objective on Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. BMO Capital Markets decreased their target price on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. DA Davidson reissued a “buy” rating and issued a $95.00 price target on shares of Procore Technologies in a research report on Thursday, March 14th. Finally, Stifel Nicolaus upped their price objective on shares of Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.79.

Procore Technologies Stock Performance

NYSE PCOR opened at $68.22 on Friday. The company’s fifty day moving average is $75.57 and its two-hundred day moving average is $68.99. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. The firm has a market capitalization of $9.98 billion, a price-to-earnings ratio of -71.06 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The business had revenue of $260.04 million for the quarter, compared to the consensus estimate of $248.20 million. Equities research analysts forecast that Procore Technologies, Inc. will post -0.62 EPS for the current year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 1,441 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the transaction, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Benjamin C. Singer sold 3,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $78.26, for a total value of $234,780.00. Following the completion of the transaction, the insider now directly owns 101,865 shares of the company’s stock, valued at approximately $7,971,954.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Howard Fu sold 1,441 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares in the company, valued at approximately $13,648,481.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 511,146 shares of company stock valued at $39,475,882. 39.20% of the stock is owned by corporate insiders.

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.